|  | 

Property News

UEM Sunrise hits two-year high of 42.5 sen in morning trade on Bursa

KUALA LUMPUR (July 20): Property Developer UEM Sunrise Bhd piqued investor interest as its share price reached a two-year high and its shares were traded actively on Bursa Malaysia in the morning session on Thursday (July 20).
At the time of writing, its share price rose 2.5 sen or 6.41% to 41.5 sen, after its last closing price of 39 sen on Tuesday. Its market capitalisation stood at RM2.07 billion.
It reached an intra-day high of 42.5 sen versus Tuesday’s closing price of 39 sen — an increase of 8.97% or 3.5 sen. Its intra-day high was the highest since its closing price on June 10, 2021.
In terms of volume, it saw 52.43 million shares changing hands and exceeded its 200-day average volume of 11.29 million shares. It also exceeded its volume of 1.86 million on July 18.
Year to date, its share price increased by 64.71% as its one-year share price rose by 41.05%.
To recap, the company is planning to develop its first ‘Build-to-Rent’ (BTR) project in Melbourne, according to its Bursa filing last month (June 21).
Its estimated total transaction value was about A$277 million or RM881 million — in partnership with Greystar Real Estate Partners.
It said that indirect wholly-owned unit UEM Sunrise (Collingwood) Pty Ltd, as trustee for the UEM Sunrise (Collingwood) Unit Trust (the vendor), had on June 21 entered into a contract of sale with Evolution MIT Services Pty Ltd as trustee for GS Collingwood Property Trust 1.
GS Collingwood is an investment vehicle managed and controlled by a subsidiary of Greystar.
Concurrently, UEM Sunrise (Collingwood Development) Pty Ltd (the developer) has on even date entered into a Fund Through Agreement (FTA) with GS Collingwood to facilitate the development of the property for a BTR development.
The property developer said that the FTA will see the investor agree to appoint the developer to undertake the construction and development of the property for a total payment of A$232.18 million plus goods and service tax.
The total estimated transaction value for the proposals is A$277.33 million, said the company in its filing.
On the same day, UEM also appointed its new chairman Datuk Hisham Hamdan and Reagan Chan Chung Cheng as director.
The company also announced on June 20 that Tower A of its first transit-oriented development (TOD) named The Connaught One in Cheras had achieved a take-up rate of 85%.
Earlier in the same month, the group purchased a 3.7-hectare freehold land in Kelana Jaya adjacent to the Damansara-Puchong Expressway (LDP) from the Employees Provident Fund (EPF) for RM155 million.
The Edge reported the proposed deal in its May 29-June 4 edition, quoting sources as saying that UEM plans to demolish the Giant Mall building on the land and redevelop the site.
It said in a statement on June 6 that its wholly-owned subsidiary Sunrise Innovations Sdn Bhd has inked a sale and purchase agreement with Kwasa Properties Sdn Bhd, a wholly-owned subsidiary of EPF, to acquire the land.

Source: EdgeProp.my

Latest News


Your email address will not be published. Required fields are marked *

Name *

Email *