KUALA LUMPUR (July 26): The price of shares in UEM Sunrise Bhd, which reached a two-year high last week, rose further to a three-year peak amid active trading on Wednesday (July 26).

The property developer closed up 13.68% at 54 sen — its highest closing price since 57.5 sen on March 2, 2020 — giving it a market capitalisation of RM2.7 billion.

It saw 303.05 million shares change hands, surpassing its 200-day average volume of 24.24 million shares, and over 35 times the 84.84 million shares that were transacted on the previous trading day.

The stock has jumped 107.69% year-to-date, and gained 83.67% over the past 12 months.

MIDF Research, in a property note, said that UEM Sunrise is among the property developers that will gain exposure to Johor’s positive property outlook, with 7,877 acres (3,187.71 hectares) of land in the state.

The research house expects the outlook for the property market in Johor to improve, thanks to lower residential overhang units in the first quarter of 2023, the proposed revival of the Kuala Lumpur-Singapore High-Speed Rail (HSR), and the Johor-Singapore special economic zone plans.

Meanwhile, RHB Research saw UEM Sunrise as a good proxy for the Iskandar Malaysia property market in Johor, the completion of the Johor Bahru-Singapore Rapid Transit System (RTS) at end-2026, as well as the KL-Singapore HSR in a decade's time.

On June 21, UEM Sunrise also announced plans to develop its first "build-to-rent" (BTR) project in Melbourne, in partnership with Greystar Real Estate Partners.

Under the deal, UEM Sunrise will sell a property in Melbourne, Australia, measuring 1.33 acres, to GS Collingwood Property Trust I — an investment vehicle managed and controlled by a subsidiary of Greystar — for A$45.15 million (RM143.25 million). At the same time, UEM Sunrise's unit was appointed to develop the property for the new owner into a BTR development for a total payment of A$232.18 million.

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UEM Sunrise shares jump 15.4% to close at highest in two years
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