Wednesday, June 8, 2011

UOA Development buys Sri Petaling land for RM50m

UOA Development buys Sri Petaling land for RM50m

KUALA LUMPUR: UOA Development Bhd, which listed on the Main Market of Bursa Malaysia on Wednesday, June 8, is acquiring two parcels of freehold land in Sri Petaling for RM50 million for a proposed high-rise residential development.

UOA Development is proposing to develop the land into high- rise residential and has plans to commence in the fourth quarter of 2011

UOA Development will be the fourth largest property company listed on Bursa Malaysia after UEM Land, S P Setia Bhd and IJM Land with a market capitalisation of an estimated RM3.1 billion based on its final retail price of RM2.52 per share.

About 65% of the company's new project are located in Bangsar South, namely The Village, The Horizon Phase I and The Park Residences Phase I.

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