UEM Land Bhd, master developer of the 4,047ha Nusajaya in Johor, intends to expand its landbank as part of its group reorganisation. “The intention is to expand and diversify beyond Nusajaya,” said UEM Group Bhd managing director Datuk Ahmad Pardas Senin.

According to Ahmad Pardas, the expansion may include acquisition of land in other states as well as overseas, and that the company was in exploratory discussions with several parties including from Vietnam, India and the Gulf States. However, whether the deals will be sealed depends on whether it fits into its expansion plans, he added.

The listing exercise in November will see UEM Land listed in place of its parent company, UEM World Bhd. A listing prospectus, outlining the company’s projects, landbank and strategy, will be issued by mid-October, said Ahmad Pardas. He added that with the company’s improved balanced sheet and gearing of about 1.3 times, it has the capacity to borrow to fund its new undertakings.

On the second Penang bridge, Ahmad Pardas said UEM Group will continue construction works unless it receives formal instruction to do otherwise. He said that the group had spent some RM200 million on the works so far on the 24km bridge.

Meanwhile, on the government’s proposal for toll operators in Klang Valley to reduce toll rates, Ahmad Pardas said it was up to the government to decide on the review and that PLUS Expressways Bhd, which is part of UEM Group, will work with the government to find an amicable solution.