KUALA LUMPUR: Sunrise Innovations Sdn Bhd, a wholly-owned subsidiary of property developer UEM Sunrise Bhd, has recently acquired about 3.7ha of freehold land for RM155mil.

The developer entered a Sale and Purchase Agreement with Kwasa Properties Sdn Bhd, a wholly-owned subsidiary of the Employees Provident Fund Board (EPF). UEM Sunrise plans to utilise the land for a mixed-use development with residential and retail components.

The development will be categorised under UEM Sunrise’s Happy+ product initiative, as a part of the NEST series. The initiative was launched in February 2023 to offer home buyers ideal homes that cater to varying lifestyles and life-stage needs. The Nest Series in particular focuses on multi-generational-oriented homes.

“We have exciting plans in the works for this upcoming development which will emphasise multi-generational living opportunities. The scheme will be designed to be future-proof, catering for the evolution of the family, offering nurturing and secure environments, complemented by well-designed functional gardens and parks with recreational facilities,” UEM Sunrise chief executive officer Sufian Abdullah said.

The land is situated across Taman Bandaran Kelana Jaya, one of Petaling Jaya’s largest parks, with the development estimated to have a total gross development value (GDV) of RM1.1bil. The development is estimated to be launched in 2025.

“This latest acquisition is a testament to our ongoing efforts to rebalance our land banking portfolio and increase our presence in the Central region. We are confident that we can create more value in developing the land for the price we paid,” Sufian said.

“UEM Sunrise is always looking out for new development opportunities, especially in the key conurbation and matured prime locations that deliver value to our customers and shareholders, as means to reinforce our future pipeline for long-term sustainability and growth,” he added.

With the latest purchase, UEM Sunrise’s total landbank in the Greater Kuala Lumpur area is approximately 175ha, amounting to an estimated gross development value of RM29.5bil.