KUALA LUMPUR, Feb 16 — UEM Sunrise Bhd and Mulpha International Bhd are expected to embark on a mixed development project in Johor with a gross development value of about RM5 billion.
The project, located at Gerbang Nusajaya Iskandar Malaysia, would be developed in 12 phases and spread across three land parcels.
A 52.52-hectare land belonging to UEM Sunrise would be developed by Mulpha while another 26.5-hectare land, owned by Mulpha, would be developed by UEM Sunrise.
“The project will integrate both UEM’s Gerbang Nusajaya project and Mulpha’s Leisure Farm project and both companies will be managed on a 50:50 joint venture (JV) basis,” UEM Sunrise Managing Director/Chief Executive Officer Anwar Syahrin Abdul Ajib told reporters after the signing ceremony for the project by both companies, here Tuesday.
Meanwhile, Mulpha Executive Chairman Lee Seng Huang said the JV reflected the increasing areas of cooperation between the two organisations.
“It also marked the next phase of growth of our Leisure Farm project which is located adjacent to Gerbang Nusajaya Iskandar.
“The land parcels, which would be developed over a maximum period of 20 years will contribute positively to the future earnings of both companies,” Lee said.
UEM Sunrise, a wholly-owned unit of Khazanah Nasional Bhd, posted a lower pre-tax profit of RM48.1 million in the third quarter ended Sept 30, 2015 against RM88.5 million chalked up in the same quarter in 2014.
Revenue also slipped to RM353.01 million from RM471.14 million previously.
Mulpha’s pre-tax profit for the third quarter ended Sept 30, 2015 dropped to RM34.47 million from RM60.75 posted a year ago, while revenue declined to RM174.1 million from RM296.8 million.