KUALA LUMPUR: UEM Sunrise Bhd
and Telekom Malaysia have teamed up to undertake a high-rise mixed development project along Jalan Raja Chulan here.
The property company said on Friday its indirect unit, Sunrise Quality Sdn Bhd would develop the project on the 1.69 acre site owned by Telekom. The project would comprise service apartments and retail elements.
Under the agreement, Sunrise Quality would pay Telekom a guaranteed land cost of RM150mil and the latter's gross development value (GDV) entitlement.
“The proposed joint land development agreement is in line with the company’s strategy to focus on acquiring suitable development landbank in high growth location, particularly the Klang Valley with strong potential for prime and sizeable new developments,” it said.
UEM Sunrise said the project site was in a matured and developed area of Kuala Lumpur city centre and also near public transport facilities such as the Masjid Jamek and Plaza Rakyat LRT stations and Pudu Sentral.
“The said lands will be developed to meet the increasing demand for residential and commercial properties from both local and international markets,” it said.
It also said the total development cost and expected profit to be derived from the project have not been determined at this juncture, pending the finalisation of the detailed development plans.
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