Date: 21 February 2017
Company Name: UEM Sunrise Berhad
UEM Sunrise Berhad through its wholly-owned subsidiary, Sunrise Innovation Sdn Bhd (SISB) inked a development agreement with the Malay College Old Boys Association (MCOBA) to undertake a mixed development project on MCOBA’s land along Jalan Syed Putra in Seputeh, Kuala Lumpur.
Under the agreement, SISB will redevelop the land where the existing MCOBA Building is located and will construct a new office building and a banquet hall with a capacity for 1,200 people. SISB will also develop two blocks of service apartments together with other supporting facilities on the land. The total initial estimated gross development value for the project is in excess of RM750 million.
Targeted at mostly owner-occupiers, especially families and upgraders from the surrounding areas, the unit sizes to be offered will range from 1,100 to 1,500 square feet.
Anwar Syahrin Abdul Ajib, UEM Sunrise’s Managing Director and Chief Executive Officer said the project will not only help to expand UEM Sunrise’s existing property portfolio in the central region, but it is also an opportunity for the company to leverage the next property market upcycle.
“We are very excited to embark on this synergistic venture with MCOBA. Seputeh is a mature residential neighbourhood that is connected to Kuala Lumpur city centre and other urban areas through Jalan Syed Putra. MCOBA land’s strategic location will appeal to city dwellers due to its proximity to amenities and commercial hubs such as Mid Valley City and KL Sentral. Being centrally located and with easy access to surrounding hotspots, the development will become a new landmark for the locality.”
“MCOBA has long been a steward for some of the county’s leaders and industry captains who see the organisation as a bulwark of top-quality education alongside a heritage of success stories. As such, we are deeply honoured to be entrusted with the development rights of MCOBA’s land,” he added.
MCOBA President, YM Tunku Dato’ Ahmad Burhanuddin Tunku Dato’ Seri Adnan said, “This signing marks an important milestone in MCOBA’s history. It is a collaboration that would unlock the value of our asset and generate sustainable income for MCOBA. This development is for our future, as we continue our tradition and commitment to be part of the stakeholder support system to produce Malaysia’s leaders and captains of industries.”
The signing ceremony was held at the UEM Sunrise Showcase in Mont Kiara, Kuala Lumpur. Anwar Syahrin Abdul Ajib led the signing followed by Nor Din Abdullah, Director of SISB, whilst MCOBA was represented by YM Tunku Dato’ Ahmad Burhanuddin, who was accompanied by Deputy President Dzulkifly Mohd Zain as a witness.
Tun Mohammed Hanif Omar, Chairman of the Malay College Kuala Kangsar’s (MCKK) Board of Governors as well as Chairman of MCKK Foundation, together with Tan Sri Dr Ir Ahmad Tajuddin Ali, Chairman of UEM Sunrise, were also present.
See more at: www.uemsunrise.com/uem-sunrise-granted-rights-develop-mcoba-land-jalan-syed-putra-kuala-lumpur/#sthash.oJTEpfmi.dpuf