UEM Sunrise to develop offices, apartments on MCOBA land in Seputeh

UEM Sunrise

KUALA LUMPUR (Feb 21): Sunrise Innovation Sdn Bhd, a wholly-owned subsidiary of UEM Sunrise Bhd will undertake a mixed development project on the Malay College Old Boys Association’s land (MCOBA) at Jalan Seputeh, KL to redevelop a new office building, a banquet hall with a capacity for 1,200 people and two blocks of serviced apartments together with other supporting facilities.

The development agreement was inked by both parties today.

The total initial gross development value for the project of more than RM750 million targets mostly owner occupiers, especially families and upgraders from the surrounding areas. The unit sizes for the serviced apartments will range from 1,100 sq ft to 1,500 sq ft.

“We are very excited to embark on this synergistic venture with MCOBA. Seputeh is a mature residential neighbourhood, connected to Kuala Lumpur city centre and other urban areas through Jalan Syed Putra and would 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 land mark for the locality,” said UEM Sunrise’s managing director and CEO, Anwar Syahrin Abdul Ajib who also noted that it will be an opportunity for the company to leverage on the next property market upcycle.

“This signing marks an important milestone in MCOBA’s history. It is a partnership 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,” said MCOBA President, Tunku Ahmad Burhanuddin Tunku Seri Adnan who was also present at the signing ceremony today.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1072634/uem-sunrise-develop-offices-apartments-mcoba-land-seputeh

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