UEM Sunrise has teamed up with plantation giant Kuala Lumpur Kepong (KLK) to develop two land parcels in Iskandar Malaysia into iconic projects with a combined gross development value (GDV) of RM20 billion.
The 202ha plot in Gerbang Nusajaya will be developed into residential and commercial projects with an estimated GDV of RM5 billion. It will be developed over eight years by Scope Energy, a joint venture company where KLK has a 60 percent stake, and the rest is owned by UEM Land.
The second site involves 1,012ha in Fraser Metropolis, Kulai, which will be developed within a future modern city with a GDV of RM15 billion. It will be built over 15 years by Aura Muhibah, a 60:40 joint venture between UEM Land and KLK Land.
The land at Gerbang Nusajaya is owned by Malaysian developer UEM Sunrise, while the Kulai plot is held by KLK. The total area is 1,214ha with a land cost of RM1.74 billion.
According to Datuk Izzaddin Idris, Executive Director, UEM Sunrise, the two projects will be rolled out in the next 18 months.
He added that both firms have future plans to jointly develop the remaining land parcels at KLK’s Fraser Estate which totals 2,023ha.
“The agreement that we signed today is for the first half of 1,012ha. If and when the remaining 1,012ha of land development kicks in, at least we will have a master plan that has already approved, so that the development can proceed faster than today, that is the whole idea.”
Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
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