By Sharen Kaur
Published in NST on July 2, 2013
Published in NST on July 2, 2013
LOOKING FOR OPPORTUNITY: Company keen to ride on good demand for properties at Marina Bay
UEM Sunrise Bhd, Malaysia's biggest developer by market value, may acquire land at the 360ha Marina Bay in Singapore as demand for office towers and residential units soar.
Its group managing director Datuk Wan Abdullah Wan Ibrahim told Business Times recently that the company will consider buying land at Marina Bay if the opportunity arises.
"The market is good, so why not buy land when there is an opportunity. With this brand we have today, we can showcase ourselves as a company with 35 years of expertise in high-rise development," he said.
UEM Sunrise is a merger between UEM Land Holdings Bhd, famous for township developments, and Sunrise Bhd, well-known for its landmark projects in the Mont' Kiara enclave.
Marina Bay, sprawled on 360ha of reclaimed land surrounded by water and gardens, is located at the Southern tip of Singapore.
Ongoing developments there include Marina Bay Financial Centre (MBFC), Gardens by the Bay and residences by CDL Development.
Completed projects include One Raffles Quay and the Marina Bay Sands Integrated Resort.
M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Bhd and Singapore's Temasek Holdings Ltd, is developing Marina One, an integrated development in Marina South and Duo in Ophir-Rochor.
UEM Sunrise is one of two companies tasked with overseeing the development and marketing of the two projects, which have an estimated gross development value of about S$11 billion (RM27.5 billion).
The projects will have office, residential, hotel and retail components.
Marina Bays Suites Pvt Ltd (MBSPL), which is developing the S$4 billion MBFC, is also keen to buy more land at Marina Bay.
Thomas Tan, the head of residential marketing at Raffles Quay Asset Management Pvt Ltd (RQAM) said MBSPL may also acquire land outside of Marina Bay.
MBSPL is owned jointly by Cheung Kong (Holdings) Ltd, Hong Kong Land and Keppel Land Ltd.
Its maiden project at Marina Bay is One Raffles Quay. RQAM was set up by them to market and manage MBFC.
"The market is still hot despite global concerns and demand for new office towers and residences is on the rise," he said recently.
MBFC comprises three office towers, two residential blocks and a mall.
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Its group managing director Datuk Wan Abdullah Wan Ibrahim told Business Times recently that the company will consider buying land at Marina Bay if the opportunity arises.
"The market is good, so why not buy land when there is an opportunity. With this brand we have today, we can showcase ourselves as a company with 35 years of expertise in high-rise development," he said.
UEM Sunrise is a merger between UEM Land Holdings Bhd, famous for township developments, and Sunrise Bhd, well-known for its landmark projects in the Mont' Kiara enclave.
Ongoing developments there include Marina Bay Financial Centre (MBFC), Gardens by the Bay and residences by CDL Development.
Completed projects include One Raffles Quay and the Marina Bay Sands Integrated Resort.
M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Bhd and Singapore's Temasek Holdings Ltd, is developing Marina One, an integrated development in Marina South and Duo in Ophir-Rochor.
UEM Sunrise is one of two companies tasked with overseeing the development and marketing of the two projects, which have an estimated gross development value of about S$11 billion (RM27.5 billion).
The projects will have office, residential, hotel and retail components.
Marina Bays Suites Pvt Ltd (MBSPL), which is developing the S$4 billion MBFC, is also keen to buy more land at Marina Bay.
Thomas Tan, the head of residential marketing at Raffles Quay Asset Management Pvt Ltd (RQAM) said MBSPL may also acquire land outside of Marina Bay.
MBSPL is owned jointly by Cheung Kong (Holdings) Ltd, Hong Kong Land and Keppel Land Ltd.
Its maiden project at Marina Bay is One Raffles Quay. RQAM was set up by them to market and manage MBFC.
"The market is still hot despite global concerns and demand for new office towers and residences is on the rise," he said recently.
MBFC comprises three office towers, two residential blocks and a mall.
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