UEM Sees Ringgit Drop, Singapore Curbs Aiding Property Sales
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UEM Sunrise Bhd., Malaysia’s second-biggest developer by market value, is betting the slide in the local currency and measures to curb property prices in neighboring Singapore will boost sales at its largest projects.
UEM may surpass its new sales target of 3 billion ringgit ($948 million) for the year, Chief Executive Officer Wan Abdullah Wan Ibrahim said. UEM is the biggest landowner in the Iskandar region in Malaysia, an economic development zone almost three times the size of New York City in the southern state of Johor that borders Singapore.