11 Nov 2026 · Development · 2 min read

UPA builds 13 semi-D factories in Seri Kembangan, GDV RM94m

UPA Corporation BhdSeri KembanganSelangorProperty DevelopmentIndustrial Parks
Scott Seow
Probationary Estate Agent · PEA 4428 · CID Realtors Sdn Bhd
Key takeaways
  • UPA Corporation is building 13 three-storey semi-D factories on 3.03 acres in Taman Perindustrian Bukit Serdang, Seri Kembangan.
  • The project has a sales value of RM94.1 million, a cost of RM68.32 million and a gross profit of RM25.78 million (27.4%).
  • It was 67% built in September 2026 and is due in the second quarter of 2027; the factories are for sale and/or rent.
  • UPA has held the land since 1994 and needs shareholders' approval to add property development to its business.
Quick answers

Where are UPA Corporation's new semi-D factories?

In Taman Perindustrian Bukit Serdang, Seksyen 9, Seri Kembangan, Selangor, on 13 plots totalling about 3.03 acres.

What is the GDV of UPA's Seri Kembangan factory project?

RM94.10 million, with a development cost of RM68.32 million and a gross profit of RM25.78 million.

When will UPA's Bukit Serdang factories be completed?

In the second quarter of 2027; the project was 67% complete on 23 September 2026.

UPA Corporation Bhd, a maker of notebooks, plastic sheets and printing products, wants shareholders' approval to add property development and investment to its business. Its first project, already 67% built, is 13 three-storey semi-detached factories on 3.03 acres in Taman Perindustrian Bukit Serdang, Seksyen 9, Seri Kembangan, with a sales value of RM94.1 million.

The project

  • Land: 13 plots under titles H.S.(D) 316388 to 316401, about 3.03 acres in all. UPA bought the original parcel in 1994 as an investment and subdivided it in 2016 into 15 plots; one is a TNB substation and one is kept for UPA's own factory
  • The factories: 13 three-storey semi-detached units with a mezzanine floor, for sale and/or rent
  • Numbers: sales value (GDV) RM94.10 million, development cost RM68.32 million, gross profit RM25.78 million, or 27.4% of the sales value
  • Per unit: about RM7.24 million on about 10150 sq ft of land on average, or about RM713 of sales value per sq ft of land (our calculation)
  • Progress: work started on 21 March 2025 under Yee Kok Engineering & Construction Sdn Bhd; 67% done on 23 September 2026; completion in the second quarter of 2027
  • Approvals: planning permission from the Subang Jaya City Council in June 2016, an amended building plan in June 2024
  • Funding: internal funds. Valuers KGV International found the project viable at the planned prices

Why UPA is doing it

UPA's plastics business has lost money for three years, and its paper products made a loss in the first half of 2026. The group made RM3.03 million of profit in 2025 on revenue of RM130.6 million. It expects the factories may contribute 25% or more of its profit, which is why it needs shareholders' approval, and says it may take on more property projects later.

📰 Sources: first reported by Bursa Malaysia — UPA Corporation: proposed diversification into property development and property investment (6 Nov 2026) and The Star — UPA proposes diversification into property development (6 Nov 2026). Facts summarised in our own words, with our own analysis added.
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