UEM Sunrise hopes Aussie devt will take up slack

Kuala Lumpur

UEM Sunrise is counting on an inaugural development in Australia to achieve targeted sales of RM2 billion (S$776 million) this year as property transactions slump at home, particularly in Iskandar Malaysia.

With buyer sentiment especially in Johor (where it has 60 per cent of its land bank) still soft, its earnings of RM72 million for the third quarter to end-September were 61 per cent lower year-on-year and 4 per cent less quarter-on-quarter. Profit for the cumulative nine months amounted to RM208 million versus RM501 million before.