UEM Sunrise Bhd will spend more than its annual budget of RM250 million to RM300 million to increase its landbank, if the need arises.
Managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said the company is flexible on its budget should a costlier piece of prime land be found.
"We are always on a buying mode. We can increase our annual budget for land acquisition," he said at a briefing on UEM Sunrise's property portfolios in the central region yesterday.
Wan Abdullah said Penang has proven elusive when it comes to land acquisition but he is optimistic that the company will snap up choice land there.
UEM Sunrise is "reorienting" to boost revenue contribution from segments that provide recurring income, he added.
For example, it plans to build and operate more shopping malls so that the segment contributes 20 to 25 per cent to group revenue, from less than five per cent at present.
The upcoming and tentatively-named Solaris 3 mall in the Klang Valley will play an important role in the company's future income.
Wan Abdullah touched on its central region projects, which include Symphony Hills, here, Arcoris Mont Kiara, Residensi 22 in Mont Kiara, Radia Bukit Jelutong, Serene Heights Bangi and Sinaran Hills Kajang.
Symphony Hills, which covers 39.6ha, has an estimated gross development value of RM1.4 billion. When completed by 2018, it will have 2,247 houses, including 800 units in the Verdi condominium project.
Besides leaving a mark in the high-end property market in Malaysia, UEM Sunrise also has projects in Singapore and Canada.
It also owns landbank in Durban, South Africa, which will be developed when the time is right, Wan Abdullah said.
UEM Sunrise is 65 per cent-owned by UEM Group Bhd, which in turn is wholly-owned by Khazanah Nasional Bhd.