KUALA LUMPUR, Dec 1 (Bernama) -- UDA holdings Bhd chairman Datuk Nur Jazlan Mohamed says his company needs to find a new direction following the award of public low-cost housing projects to Projek Perumahan Rakyat 1Malaysia (PR1MA). Stressing that 2012 will be a challenging year for the property development and management company, he said, UDA must move actively as a commercial entity to remain in business.

"Now that low-cost housing projects has been taken over by PRIMA, we've lost the profit we make to re-invest to guarantee UDA's future. Our profit mainly comes from housing projects," he told reporters after meeting a 20-member delegation from Pertubuhan Kebangsaan Melayu Singapura (PKMS). Nur Jazlan said housing projects implemented by UDA previously provided sufficient funds for the company to continue operations. "With low-cost housing projects given to PR1MA, UDA has lost its prime revenue source and has to find other ways to survive," he said.

 Nur Jazlan said UDA was currently studying its long-term role and was drafting its 2012 Budget to maintain the profit earned all these years. He said UDA was also facing problems to implement the Bumiputera Agenda Policy because previously the company was given financial allocation to pay for costs and to implement the agenda. UDA management was reviewing its charter used to help protect Bumiputera interests, said the Pulai member of parliament.

On the courtesy call by the PKMS delegation, Nur Jazlan said the visit was to further strengthen Malaysia-Singapore bilateral ties. "We discussed diverse issues in finding an understanding to enhance our prevailing close two-way relations," he added.-BERNAMA