UEM Sunrise Bhd and Kuala Lumpur Kepong Bhd (KLK) will jointly develop 2 mixed property development projects in Gerbang Nusajaya and Fraser Metropolis in Johor with a gross development value (GDV) of $6 billion. The joint venture (JV) will be undertaken by UEM Sunrise's unit, UEM Land Bhd and KLK Land Bhd, a unit of
UEM Sunrise Bhd and Kuala Lumpur Kepong Bhd (KLK) will jointly develop 2 mixed property development projects in Gerbang Nusajaya and Fraser Metropolis in Johor with a gross development value (GDV) of $6 billion.
The joint venture (JV) will be undertaken by UEM Sunrise's unit, UEM Land Bhd and KLK Land Bhd, a unit of KLK.
The development will involve 2 parcels of land measuring 1,200 hectares (ha) worth $521 million, said UEM Sunrise Executive Director Datuk Izzadin Idris.
UEM Sunrise Chief Operating Officer Raymond Cheah said the development components would include homes catered to all segments of the market, from affordable up to high-end.
The proposed development in Gerbang Nusajaya will comprise affordable housing and an entertainment hub for motor sport while Fraser Metropolitan will consist of residential, industrial and commercial components.
Launches for the properties are expected to take place in the second half of 2015, pending master planning and development approvals.
The planned development in Gerbang Nusajaya, covering 202.3ha, is estimated to generate a GDV of $1.5 billion over 8 years.
"We expect about 50% of our target market to be Malaysian and the other 50% to be foreigners mainly from Japan, Korea and Singapore," he said.
For the proposed development in Fraser Metropolis, the group plans to construct residential, industrial and commercial components on 1,010ha with an estimated GDV of $4.5 billion.