UEM Group to venture into afforable housing by year-end

UEM Group to venture into afforable housing by year-end

KUALA LUMPUR, March 10 — UEM Group Bhd plans to establish a new entity which will venture into affordable housing developments by year-end.

Group Managing Director/Chief Executive Officer Datuk Izzaddin Idris said the group was currently looking at introducing or developing a new building system that would require less labour.

“For affordable housing, volume is important. To get volume, we need a new building system.

“Right now, we are still looking at a few systems that are available in the country,” he told a press conference in conjunction with UEM Group’s 50th anniversary celebration here Thursday.

Present at the event was Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, Khazanah Nasional Deputy Chairman Datuk Seri Nor Mohamed Yakcop and Khazanah Nasional Managing Director Tan Sri Azman Mokhtar.

Izzaddin said the UEM Group has identified several locations for the affordable housing projects which would be situated nearby public infrastructure such as train stations.

He also said the group would continue to tap into the vast opportunities available in Malaysia, as well as, expand its presence in neighbouring countries such as Indonesia and India, given their strong demand for infrastructure development.

Following the opening of the 116 kilometre Cikopo-Palimanan toll road, built by UEM in Indonesia last June, he said the group was now evaluating some proposals after being approached by several interested parties to jointly develop new highways.

Meanwhile, UEM Group Chairman Tan Sri Dr Ahmad Tajuddin Ali said the company through its unit, UEM Sunrise, was planning to develop its land bank in Durban, South Africa, possibly into mixed development project.

“The management is finalising a proposal on the matter and it will be submitted to the board this year for consideration,” he added.

— BERNAMA

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