UOA Development to launch two projects worth RM2.7b by June

• The combined GDV of these two projects is about RM1 billion, with both slated for completion in 2026.

KUALA LUMPUR (April 29): Real estate developer UOA Development Bhd said it plans to launch two new projects worth an estimated RM2.7 billion in gross development value (GDV) this year.

Bamboo Hills Residences, a three-block project with 2,517 units and a retail podium, is expected to be launched in the first half with expected completion in 2028, UOA said in its annual report. The company also plans to launch the two-block Duo Tower office by June with completion in 2027, it said.

“The group remains focused on future development projects in targeted strategic locations with carefully timed launches that aligned with the economic and market conditions,” UOA said.

UOA is currently developing the ongoing Laurel Residence project consisting two blocks of 42-storey residential towers housing a total of 1,260 units as well as Aster Hill, a residential development with two 32-storey towers comprising 1,150 units.

The combined GDV of these two projects is about RM1 billion, with both slated for completion in 2026.

“As we move into 2024, the group maintains a cautious outlook on the property sector given prevailing soft market sentiments, economic uncertainties and prolonged geopolitical conflicts,” UOA said, flagging rising costs and potential interest rate increases that may affect market conditions and sentiment.

In the financial year ended 2023, net profit rose 27% to RM279.6 million thanks to higher other income and fair value gains on investment properties. Revenue, however, fell 12% to RM399.39 million due to lower progressive recognition from ongoing development projects.

Cash and cash-equivalents totalled RM1.8 billion, and a strong balance sheet allows for “potential development of investment properties and acquisitions of land development when opportunities arise”, UOA added.

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