PETALING JAYA: MAIA Mont’ Kiara, the freehold luxury condominium project recently launched by property developer UEM Sunrise Bhd
, is expected to be an important driver of sales for the company over the coming months, says RHB Research.
The brokerage said the project would be a significant property sales driver for UEM Sunrise from the fourth quarter ending Dec 31, 2026 (4Q26) to the first half of 2027 (1H27). “This project is now more than 80% booked, with the large units being the best seller,” it said.
MAIA Mont’ Kiara has a gross development value of RM1.2bil, a total of 495 units with built-ups ranging from 1,485 sq ft to 2,982 sq ft and an average selling price of RM950 per sq ft to RM1,000 per sq ft after discount.
“We understand that there are a small number of cash-rich buyers and foreign purchasers, and now buyers are in the midst of signing their sales and purchase agreements. While some sales will be booked in 4Q26, a bigger portion will flow into 1H27 sales,” it noted.
As of 1H26, the company had hit RM1.47bil in sales, exceeding its RM1.3bil target for the financial year ending Dec 31 2026 (FY26). “Hence, we expect 2027 sales to be 15% to 20% higher than the RM1.3bil target for 2026,” it said.
It pointed out that the partnership with AME Elite Consortium Bhd, an industrial construction specialist, would be transformative for the 162.7 ha freehold industrial park in Gerbang Nusajaya.
“This sizeable new industrial park is expected to see the participation of many multinational companies given AME’s track record, supporting further re-rating in land values,” it said.
UEM Sunrise and AME have a 50:50 joint venture (JV) to develop the land into an industrial hub.
The backing from Khazanah Nasional Bhd, Malaysia’s sovereign wealth fund, as a major shareholder of UEM Sunrise positions Gerbang Nusajaya well to capture the demand opportunities and yield long-term positive spillover for the project.
It said over the long term, UEM Sunrise would likely accumulate a pool of industrial assets, which enables it to monetise via a bundle disposals or real estate investment trust listing.
The company still has 141.6 ha of land in Gerbang Nusajaya after the JV with AME.
“We do not rule out the possibility that management may look to convert more land into industrial plots, given the strong pipeline demand. Despite current market headwinds, interest in other residential/commercial parcels under the land-monetisation programme is not lacking either,” it added.
“We expect 2H26 earnings to be strong, underpinned by the land transaction at Jalan Ampang, as well as sales from MAIA and the first 10% disposal gain for the JV with AME. Unbilled sales stood at RM2.94bil as of June 2026,” it said. The brokerage has maintained a “buy” call on the stock with a target price of 77 sen.
