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February

Full year profit growth target and ROE surpassed 

KUALA LUMPUR, 25 February 2014 – UEM Sunrise Berhad (“UEM Sunrise”) today reported a strong performance for its financial year ended 31 December 2013 (“FY2013”) with total revenue of RM2.4 billion improving by 26% compared to the financial year ended 31 December 2012 (“FY2012”) revenue of RM1.9 billion. Profit after tax and minority interest (“PATAMI”) increased by 29% from RM448.3 million to RM579.1 million in FY2013 whilst its return on equity (“ROE”) improved to 10.2% from 8.8% in FY2012. 

Revenue growth in 2013 was driven mainly by land sales to Liberty Bridge Sdn Bhd, Southern Marina Development Sdn Bhd and Ascendas Land (Malaysia) Sdn Bhd, while revenue from core property development activities remained steady at approximately RM1.5 billion. PATAMI increase was in line with the higher land sales revenue. There was also a significant increase in profit contribution from the various joint ventures and associates, most notably from Horizon Hills. Other contributors include Somerset Puteri Harbour, a joint venture project with United Malayan Land Berhad and our associate, Setia Haruman Sdn Bhd, the master developer of Cyberjaya. 

Total property development sales increased by 47% to RM3.0 billion in FY2013 from RM2.0 billion in FY2012 with RM1.9 billion (62%) attributable to projects in Nusajaya, in particular Teega @Puteri Harbour, East Ledang and Nusa Idaman whilst the remaining RM1.1 billion (38%) was contributed by projects in the Central Region, in particular Arcoris Mont’Kiara and Residensi 22. Unrecognised revenue as at 31 December 2013 stood at RM3.4 billion compared to RM2.3 billion a year earlier. 

Dato’ Izzaddin Idris, Executive Director of UEM Sunrise said that the increase in PATAMI reflected the Company’s commitment to deliver better returns to shareholders. “Although we fell slightly short of the targeted revenue growth of 30% for 2013 as outlined in our headline key performance indicators (“KPI”), the achievement of revenue growth by 26% is commendable”. 

Dato’ Izzaddin further added that UEM Sunrise’s performance throughout last year were all geared towards sustainability. “UEM Sunrise launched eight project phases both in Nusajaya and Klang Valley in 2013, including Block A of Residensi 22, a residential tower in Mont’Kiara which is almost 80% sold as at end of January 2014. We also handed over a total of approximately 1,500 units of completed properties in East Ledang, Nusa Idaman, Nusa Bayu, 28 Mont’Kiara, Symphony Hills and Quintet Phase 1 in Vancouver to buyers last year. Strategically, the Company is also looking to create international presence by acquiring two parcels of lands in Melbourne, Australia for the development of high-rise premium residential towers”. 

UEM Sunrise is proposing a first and final single tier dividend of 4.0 sen per ordinary share of RM0.50 each for the financial year ended 31 December 2013 compared to 3.0 sen per ordinary share the year before. 

Moving forward, Dato’ Izzaddin said that UEM Sunrise will strive to further improve performance in 2014 with new headline KPI targets of 25% revenue growth, 10% PATAMI growth and ROE of 10%. “For 2014, we have planned new property launches with a total gross development value of around RM3.8 billion. This would include new phases of our ongoing projects such as East Ledang, Nusa Idaman and Nusa Bayu; as well as new projects such as D’Estuari, Almas @Puteri Harbour and Serene Heights in Bangi. We have also set a total property development sales target of RM3.2 billion for 2014. At the same time, the Group is continuing to explore strategic opportunities to expand our presence and land bank similar to our recently announced collaboration with Kuala Lumpur Kepong Berhad”. 

KUALA LUMPUR, 20 February 2014 - Opus Group Berhad (“Opus”) today saw its non-interested shareholders vote in favour of the special resolution in respect of the proposed selective capital reduction and repayment exercise pursuant to Section 64 of the Companies Act, 1965 ("Proposed SCR") by way of poll at the Extraordinary General Meeting (“EGM”) held today. 

Under the Proposed SCR, the offer price via cash repayment to the non-interested shareholders was RM1.70 for each Opus Share.

The special resolution tabled at the EGM in respect of the Proposed SCR is required to be approved by at least 50 percent in number of the non-interested shareholders and 75 percent in value to the votes attached to shares held by the non-interested shareholders that are cast either in person or by proxy at the EGM.

In addition, the value of votes cast against the resolution to approve the Proposed SCR at the EGM must not be more than 10 percent of the votes attaching to the shares held by the non-interested shareholders of the total voting shares of Opus.

The details of the poll results are as follows:

 

In terms of number

In terms of value

 

No. of Opus shareholders

%

 No. of Opus shares

%

In favour

149

82.32

602,839

90.57

Against

32

17.68

62,769

9.43

Total

181

100.00

665,608

100.00

Abstain

-

-

-

-

Spoilt

12

-

8,633

-

 

No. of Opus shares

%

Total voting shares held by the non-interested shareholders

17,190,722

-

No. of Opus shares voted against

62,769

0.37

The special resolution is voted for by 82.32 percent in number and 90.57 percent in value to the votes attached to the non-interested shareholders that were casted either in person or by proxy at the EGM. Further, 0.37 percent of the votes attached to the shares held by the non-interested shareholders of the total voting shares of the Company voted against the resolution.

Pursuant to the above, the special resolution in respect of the Proposed SCR tabled at the EGM has been carried and cash repayment to the entitled shareholders is expected to be made in April 2014, subject to the approval from the High Court.

Opus’ shares are not traded in the open market as it was delisted from the official list of Bursa Malaysia Securities Berhad on 26 November 2008.

KUALA LUMPUR, 7 February 2014 - UEM Sunrise Berhad (“UEM Sunrise”), formerly known as UEM Land Holdings Berhad through its wholly-owned subsidiary UEM Land Berhad (“UEM Land”), and Kuala Lumpur Kepong Berhad (“KLK”) through its wholly-owned subsidiary KLK Land Sdn Bhd (“KLK Land”), formerly known as KL-Kepong Property Holdings Sdn Bhd, have entered into agreements to jointly develop several plots of land in Iskandar Malaysia, Johor, specifically in Gerbang Nusajaya and Fraser Metropolis, Kulai.

The land in Gerbang Nusajaya will be developed by Scope Energy Sdn Bhd, which will be 60:40 owned by KLK Land and UEM Land respectively, whilst the land in Fraser Metropolis will be developed by Aura Muhibah Sdn Bhd which will be 60:40 owned by UEM Land and KLK Land respectively. Both land parcels with a current total value of RM1.74 billion are expected to generate a gross development value (“GDV”) of RM20 billion.

 

Gerbang Nusajaya

Gerbang Nusajaya, located within Nusajaya is the gateway to Iskandar Malaysia and it is strategically located next to the Linkedua Expressway. The planned residential and commercial developments in Gerbang Nusajaya with an estimated GDV of RM5 billion will be built over a period of eight years on freehold land plots measuring an aggregate of approximately 500 acres. These planned developments will benefit directly from the fast growing economic activities in Nusajaya.

Gerbang Nusajaya is set to become an entertainment hub for motorsports enthusiasts through the upcoming integrated multi-purpose FASTrack Iskandar by FASTrack Autosports Pte Ltd. Gerbang Nusajaya is also home to a 519-acre integrated tech park, jointly developed by Ascendas Land International Pte Ltd and UEM Sunrise.

 

Fraser Metropolis at Iskandar North

Fraser Metropolis at Iskandar North is part of KLK’s Fraser Estate in Kulai located at the northern tip of Iskandar Malaysia and is 30 minutes away from Johor Bahru town. It will potentially be the next residential, commercial and industrial node within the Iskandar Malaysia region. The land, with freehold status is directly accessible by multiple highways, railways, and is conveniently accessible from Senai International Airport. It is also located within close proximity to the Ports of Tanjung Pelepas and Pasir Gudang.

The development of Fraser Metropolis, measuring approximately 2,500 acres, will consist of residential, industrial and commercial components and will be built over a period of 15 years. With an estimated GDV of RM15 billion, Fraser Metropolis at Iskandar North is set to be the next modern city within Iskandar Malaysia with a series of Enterprise Zones integrated with manufacturing enterprises and a variety of service sector suppliers such as high-tech manufacturers, IT services and logistics.

“It is indeed a new milestone for KLK’s property division, this being our maiden foray into Iskandar Malaysia, an important economic growth corridor at south of Johor. We are pleased to partner UEM Sunrise for this venture in Iskandar Malaysia as it allows us to enhance the quality and stability of our operating platform through growth and diversification of our geographic footprint. We look forward to share our vision of creating communities under a sustainable environment and being part of Gerbang Nusajaya, one of the most vibrant and fastest-growing destinations in Nusajaya of Iskandar Malaysia.” said Tan Sri Lee Oi Hian.

He added, “These joint developments are also KLK’s first developments outside of Selangor/Klang Valley. They therefore represent a significant step towards unlocking the value of KLK group’s property development potential in Peninsular Malaysia.”

Dato’ Izzaddin Idris concluded, "This synergistic partnership between two of amongst Malaysia's largest land owners will define a new frontier in collaborative efforts of property developers in Malaysia.  In addition to creating further developments that are symbiotic with UEM Sunrise's existing projects in Nusajaya at Iskandar Malaysia, the joint developments enable more quality projects to be conceived with the expertise of an established and like-minded developer like KLK. With this, UEM Sunrise is also able to enhance its land bank supply with more prime assets to accelerate the company's future growth trajectory. We are steadfast on achieving our goals in creating another sustainable township where UEM Sunrise's DNA of 3Ps namely People, Planet & Priorities is expanded to Fraser Metropolis as well.”

At the signing ceremony, UEM Sunrise was represented by Dato’ Izzaddin Idris, its Executive Director with Raymond Cheah, its Chief Operating Officer – Commercial as the witness. KLK was represented by Tan Sri Dato’ Seri Lee Oi Hian, its Chief Executive Officer with Dato’ David Tan, its Executive Director for KLK’s property division acting as the witness. Besides the media, the event was also attended by the senior leadership teams of both companies.

KUALA LUMPUR, 4 February 2014 – Joint Venture (JV) partners, UEM Construction Sdn Bhd and Bina Puri Sdn Bhd confirmed that they have yet to obtain the Certificate of Completion and Compliance (CCC) for its work package due to an unexpected issue which occurred recently during a follow-up inspection. 

The JV partners have discussed and are working with Malaysia Airports Holdings Berhad (MAHB), the authorities, consultants and architects to rectify the matter and rectification work will commence immediately.

“Public safety is the main priority, thus we will ensure proper rectification works are diligently carried out. At the same time, UEMC-Bina Puri JV will work together with MAHB on the next course of action in regard to the issuance of the CCC and the commencement of Operational Readiness and Airport Transfer (ORAT)."

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