“Discover UOA Development’s ambitious plans with two upcoming projects worth a total of RM2.7 billion, set to be completed by 2026. Stay tuned for groundbreaking developments in Malaysia’s property landscape.“
KUALA LUMPUR, 29th Apr 2024 – UOA Development Bhd, a property developer, has announced intentions to unveil two upcoming projects with a combined estimated gross development value (GDV) of approximately RM2.7 billion within the current year. The first project, Bamboo Hills Residences, comprising three blocks housing 2,517 units along with a retail podium, is scheduled for launch in the first half of the year and is anticipated to be completed by 2028. Additionally, the company aims to introduce the Duo Tower office, a two-block structure, by June, with a slated completion date of 2027.
UOA emphasized its commitment to strategic development projects in selected locations, aligning launches with prevailing economic and market dynamics. Presently, the company is actively progressing with Laurel Residence, featuring two 42-storey residential towers comprising 1,260 units, alongside Aster Hill, a residential venture housing 1,150 units within two 32-storey towers.
The total GDV for these ventures amounts to approximately RM1 billion, with an anticipated completion date in 2026. UOA expressed a prudent stance towards the property sector in light of subdued market sentiments, economic volatility, and ongoing geopolitical tensions. The company highlighted concerns regarding escalating costs and the possibility of interest rate hikes, which could impact market conditions and sentiment.
In the fiscal year ending 2023, net profit increased by 27% to RM279.6 million, attributed to increased other income and gains in the fair value of investment properties. Conversely, revenue declined by 12% to RM399.39 million, primarily due to reduced recognition of revenue from ongoing development projects.
UOA emphasized a robust balance sheet with cash and cash-equivalents amounting to RM1.8 billion. This strength enables potential ventures into investment properties and land development acquisitions when favorable opportunities emerge.
