UEM Land Holdings Bhd is expanding into property-related businesses as part of its plan to grow its recurring income portfolio, said managing director and chief executive officer Wan Abdullah Wan Ibrahim.

"We need to build up our recurring income portfolio to weather the downside of the market. We are in facilities management, property investment/management, development management and hospitality," he told reporters after the company's annual general meeting Thursday.

Wan Abdullah said UEM Land was also expecting recurring income from biotech companies following the RM550 million biotechnology ecosystem project called "Bio-XCell" in Iskandar Malaysia in Johor.

The project was jointly developed by the Malaysian Biotechnology Corporation Sdn Bhd and UEM Land, with both parties having a 60:40 ratio stake in the project.

On UEM Land's 449 acres of freehold land in Bangi, Wan Abdullah said it was an opportunity for a comprehensive and integrated township development, adding that the first product was likely to be launched in the second quarter of next year.

Meanwhile, UEM Land's director of finance, corporate affairs and investments Mohd Zakir Omar said the company was likely to join the FTSE Bursa Malaysia KLCI (FBM KLCI) following delisting of Plus Expressways Holdings Bhd from the stock exchange in September.

"We are the 27th largest in terms of market capitalisation. However, there are chances for us to be in the 30 large-capitalised stock index," he added. - Bernama