UEM Sunrise and Ascendas JV ceremony in June

Following the death of Datuk Wan Abdullah Wan Ibrahim, UEM Sunrise has established a special committee in order to select a new CEO and Managing Director within a month’s time.

According to its Chairman Tan Sri Ahmad Tajuddin Ali, the committee is looking at both external and internal candidates. However, he refused to divulge the number of candidates that were short-listed.

He should be a good leader who holds the confidence of the board, Tajuddin noted.

“Preferably he has some property development experience but that is not a must. Leadership is what we’re looking for and his ability to lead the team because it is not a one man show.”

In the meantime, UEM Group’s CEO and Managing Director Datuk Izzaddin Idris was designated as the Executive Director of UEM Sunrise so that he can perform the duties of the late Wan Abdullah.

Meanwhile, UEM Sunrise failed to achieve its revenue growth target of 30 percent in 2013 because it had pushed back some of its new launches due to the property curbs implemented by the federal and state authorities.

“We are conscious, we do not want to be in the position of oversupply because that will be a threat to the company and any new launch will be done quite judiciously,” said Tajuddin.

Apart from a revenue growth target of 20 percent for 2014, the company is also ready to launch its Serene Heights project in Bangi, considering that all approvals have been granted.

With unbilled revenue of about RM3.4 billion, UEM Sunrise is also actively working on its developments in Seremban and Cyberjaya, as well as its flagship project in Nusajaya in Johor.

“We’re now looking for the exact date for the formal ground breaking ceremony for our Nusajaya Tech Park with (Singapore-based) Ascendas Land International Pte Ltd. It looks like it’ll probably be in June,” he added.

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