KUALA LUMPUR: UEM Sunrise Bhd’s unit, Sunrise Innovation Sdn Bhd, will develop the Malay College Old Boys Association’s (MCOBA) land in Kuala Lumpur into a mixed development project, with a gross development value (GDV) in excess of RM750mil.
The group said its subsidiary would build two blocks of service apartments, together with other supporting facilities on the 1.07ha site, located along Jalan Syed Putra in Seputeh.
“The unit size ranges from 1,100 sq ft to 1,500 sq ft, and the units are targeted for mostly owner occupiers, especially families and upgraders from the surrounding areas,” the parties said in a joint statement.
Under the deal inked between the group and the association on Tuesday, the development will also involve the construction of a new office building for MCOBA and a banquet hall with a capacity for 1,200 people.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the project provided an opportunity to leverage on the next property market upcycle.
“MCOBA land’s strategic location 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 the surrounding hotspots, the development will become a new landmark for the locality,” he said.
MCOBA president Tunku Datuk Ahmad Burhanuddin Tunku Datuk Seri Adnan said the collaboration would unlock the value of its asset and generate sustainable income for the association.
“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,” he said. - Bernama