Property Insight > News release > Uem Sunrise Announces Revenue Of Rm1.4 Billion For 1h 2019, Up By 65 Per Cent With The Partial Settlement Of Australian Projects

Uem Sunrise Announces Revenue Of Rm1.4 Billion For 1h 2019, Up By 65 Per Cent With The Partial Settlement Of Australian Projects

By Roubeeni Mohan

UEM Sunrise Berhad (UEM Sunrise or the Company) announced its financial results for the six months ended 30 June 2019 (1H 2019) where total revenue recorded for the period increased to RM1,419.8 million compared to RM861.1 million in the first half of 2018 (1H 2018) mainly driven by the completion and settlement of Aurora Melbourne Central’s separable portions (SP) SP3 and SP4 and Conservatory’s SP1, SP2 and SP3 in Melbourne, Australia.

Excluding a one-off impairment of RM37.3 million, profit after tax and non-controlling interests stood at RM107.8 million for the period.

“Our revenue this period was largely from our projects in Melbourne, Australia. The successful completion of Aurora Melbourne Central, the 88-storey mixed-use development comprising 959 residential apartments, 252 serviced apartments and office suites, a total GDV of AUD750 million (RM2.13 billion), as well as the positive settlement of its SP3 and SP4, which today stands at 99 per cent, is evidence that the decision to venture in to Australia, our maiden international foray, was one of the Company’s best decisions. SP5 is expected to be handed over for settlement in October 2019,” said Anwar Syahrin Abdul Ajib, Managing Director/Chief Executive Officer of UEM Sunrise.

From left: UEM Sunrise’s Managing Director / Chief Executive Officer, Anwar Syahrin Abdul Ajib and Mohamad Rastam, Chief Financial Officer talking to the media on the Company’s Q2 FY2019 Financial Performance.

“For the AUD322 million (RM914.96 million) Conservatory, the settlement rate to-date is 78 per cent. In relation to Mayfair,  we have decided to divest the site to realise its immediate potential value. The proposal has garnered interest from several potential buyers and we plan to complete the transaction before year-end. We have made it our top priority to inform our buyers of the decision and will terminate the sale and purchase agreements as well as refund the deposits plus interest accordingly,” he further added.

In the absence of significant earnings contribution from land sales in this period compared to 1H 2018 amounting to RM207.3 million, property development earnings contribution improved from RM41.2 million to RM107.8 million.

Property development activities contributed 95 per cent of the Company’s total revenue for the period, with 73 per cent from international projects mainly Aurora Melbourne Central and Conservatory followed by 15 per cent from Central, the likes of Sefina Residences in Mont’Kiara, Symphony Hills in Cyberjaya and Serene Heights Bangi. The remaining 13per cent was from the Southern region largely from Serimbun, Almas@Puteri Harbour and Aspira LakeHomes, in Iskandar Puteri. As of 30 June 2019, the Company’s unbilled sales stood at RM2.6 billion.

Property development sales for 1H 2019 was RM532.0 million; 52 per cent contributed by the Central region mainly from Symphony Hills, Residensi Astrea in Mont’Kiara and Serene Heights Bangi whilst 44 per cent was from the Southern region largely from AspiraParkHomes, Almas@Puteri Harbour and Denai Nusantara.

To date, the Company has launched properties with a total Gross Development Value (GDV) of RM249.3 million comprising mid-market double-storey terrace homes; Serene Heights Bangi’s Dahlia phase 2 in May 2019 and Aspira ParkHomes’ phases 1 and 2 in January and June 2019, respectively.

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