RATIONALECover

2011 marks the beginning of a new decade emerging from transformational approaches and a rallying spirit that is uniquely UMLand.

This year’s theme of

CHARTING NEW HORIZONS heralds the Group’s blueprint for greater goals through a constant state of readiness and vigour based on our strengths and competencies.

2011 maemerginand a ral

This year

CHARheralds tthrough based on

ContentsCorporate Profile

Corporate Information

Chairman’s Message

Five-Year Group Financial Highlights

Financial Calendar

Group Corporate Structure

Board of Directors

Profile of Directors

Management Team

Operations Review

Corporate Responsibility

Corporate Calendar 2011

Corporate Governance Statement

Statement on Internal Control

Audit Committee Report

Additional Compliance Information

Financial Statements

List of Properties

Analysis of Shareholdings as at 30 April 2012

Notice of 51st Annual General Meeting

Statement Accompanying Notice of 51st Annual

General Meeting

Form of Proxy

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7

10

14

16

18

22

24

28

36

44

46

56

65

68

71

75

158

161

164

171

Corporate Respons

Corporate Calenda

Corporate Governa

Statement on Inter

Audit Committee R

Additional Complia

Financial Statemen

List of Properties

Analysis of Shareho

Notice of 51st Annu

Statement Accom

General Meeting

Form of Proxy

2 UNITED MALAYAN LAND BHD (4131-M)

Vision

MissionTo be a property developer of distinction, creating quality lifestyles and communities

SharedValues Integrity

Customer driven Profitable Excellence Rewarding Team that works Progressive

To develop a brand that represents quality and innovation which creates value and is the preferred choice

3

CorporatePROFILE

Listed on the Main Market of Bursa Malaysia Securities Berhad, United Malayan Land Bhd (UMLand)

is an established property developer in Malaysia. Its major shareholders include CapitaLand Limited,

Tradewinds Corporation Berhad and Chee Tat Holdings (S) Pte Ltd who are reputable players in

the property industry. UMLand operates two development divisions, namely the Township and

Niche Divisions. The Group has over 1,800 acres of undeveloped land in both Township and Niche

Divisions.

Guided by a dynamic Board of Directors under the leadership of YA Bhg Tun Musa Hitam, UMLand’s

Board of Directors comprises seven members, four of whom are independent.

The Township Division has three mixed township developments located in high growth areas of

Malaysia. The townships of Bandar Seri Alam and Taman Seri Austin are strategically located within

Iskandar Malaysia, Johor whilst Bandar Seri Putra is situated in Selangor.

The Niche Division has to date completed three residential serviced residences and condominiums

– Seri Bukit Ceylon at Jalan Bukit Ceylon, Suasana Sentral Loft at KL Sentral and Suasana Bangsar

in the suburb of Bangsar. The Division is now developing Suasana Bukit Ceylon, an exclusive high-

rise serviced residences in the enclave of Bukit Ceylon within KL city centre and Somerset Puteri

Harbour, a luxurious boutique serviced residences at the Puteri Harbour waterfront in Nusajaya,

Iskandar Malaysia. Upcoming development projects include several mixed developments within

Iskandar Malaysia and the KL city centre.

As at 31 December 2011, UMLand’s paid up share capital is RM302,031,014, comprising 302,031,014

ordinary shares of RM1.00 each. The Group’s shareholders’ fund was RM915.9 million and net asset per

ordinary share was RM3.04.

4 UNITED MALAYAN LAND BHD (4131-M)

5

6 UNITED MALAYAN LAND BHD (4131-M)

BOARD OF DIRECTORSTun Musa HitamChairman

Independent Non-Executive Director

Dato’ Ng Eng TeeDeputy Chairman/Executive Director

Non-Independent Executive Director

Datuk Syed Ahmad Khalid Syed Mohammed Independent Non-Executive Director

Datuk Nur Jazlan Tan Sri MohamedIndependent Non-Executive Director

Syed Azmin Mohd Nursin @ Syed NorNon-Independent Non-Executive Director

Ng Eng SoonNon-Independent Non-Executive Director

Pakhruddin SulaimanIndependent Non-Executive Director

AUDIT COMMITTEEDatuk Syed Ahmad Khalid Syed Mohammed (Chairman)

Datuk Nur Jazlan Tan Sri Mohamed Pakhruddin Sulaiman

EXECUTIVE COMMITTEETun Musa Hitam (Chairman)

Dato’ Ng Eng Tee Syed Azmin Mohd Nursin @ Syed NorDatuk Syed Ahmad Khalid Syed Mohammed

TENDER BOARD COMMITTEEDato’ Ng Eng Tee (Chairman)

Syed Azmin Mohd Nursin @ Syed Nor Datuk Syed Ahmad Khalid Syed Mohammed Corporate

INFORMATION

REMUNERATION COMMITTEEDatuk Syed Ahmad Khalid Syed Mohammed (Chairman)

Datuk Nur Jazlan Tan Sri MohamedSyed Azmin Mohd Nursin @ Syed Nor

NOMINATION COMMITTEEDatuk Syed Ahmad Khalid Syed Mohammed (Chairman)

Datuk Nur Jazlan Tan Sri Mohamed Syed Azmin Mohd Nursin @ Syed Nor

RISK COMMITTEESyed Azmin Mohd Nursin @ Syed Nor (Chairman)

Dato’ Ng Eng Tee Pakhruddin Sulaiman

OPTION COMMITTEESyed Azmin Mohd Nursin @ Syed Nor (Chairman)

Dato’ Ng Eng Tee Zulkifly Garib

COMPANY SECRETARYZuraidah Mohamed Yusoff(MAICSA 7001552)

REGISTERED OFFICESuite 1.1, 1st Floor Kompleks Antarabangsa Jalan Sultan Ismail 50250 Kuala Lumpur Tel No : 603-2142 1611 Fax No : 603-2142 1826 (Corporate) 603-2141 4867 (Secretarial)

AUDITORSPricewaterhouseCoopers Chartered Accountants Level 10, 1 Sentral, Jalan Travers Kuala Lumpur Sentral P O Box 10192 50706 Kuala Lumpur

BANKERSAlliance Bank Malaysia BerhadAmBank GroupAsian Finance Bank BerhadCIMB Bank BerhadKuwait Finance House (Malaysia) BerhadMalayan Banking BerhadOCBC Bank (Malaysia) BerhadRHB Bank Berhad

SHARE REGISTRARSecurities Services (Holdings) Sdn. Bhd. Level 7, Menara Milenium Jalan Damanlela Pusat Bandar DamansaraDamansara Heights 50490 Kuala Lumpur Tel No : 603-2084 9000 Fax No : 603-2094 9940

STOCK EXCHANGE LISTINGMain Market, Bursa Malaysia Securities Berhad Stock Name : UMLand Stock Code : 4561

WEBSITE ADDRESSwww.umland.com.my

7

SOMERSET PUTERI HARBOUR is an iconic project in the heart of

Puteri Harbour and features 168 units of freehold luxurious boutique

service residences. The jewel of Nusajaya, this waterfront precinct is an

integrated waterfront and marina development that offers the ultimate

in luxury waterfront living.

SOMERSET PUTERI HARBOUR, ISKANDAR MALAYSIA

Set at the centre of the scenic waterfront and spectacular marina,

Somerset Puteri Harbour will feature a range of quayside lifestyle

stores, fine dining restaurants and alfresco cafes upon its completion

and is flanked by an international class hotel and an indoor theme

park. This twin-block five-storey joint venture development between

UMLand and UEM Land Berhad presents a new lifestyle destination

for the affluent and well-heeled.

Dear Shareholders,

On behalf of the Board of Directors (the Board) of United Malayan Land Bhd (UMLand or the Group), I am pleased to present the Group’s annual report and financial statements for the year ended 31 December 2011 (FY2011).

OPERATING ENVIRONMENT

The global economy rebounded from the financial crisis of 2008 and 2009 with most major economies showing positive growth in 2010. The recovery however, was dampened in 2011 which witnessed considerable turmoil in the political and economic environment such as the uprisings in the Middle East and North Africa, the tsunami in Japan and the sovereign debt crisis in the Euro zone. These events have resulted in volatility of commodity prices, disruptions to supply chains and general uncertainty and impacted businesses across many nations, slowing the recovery in mature markets and impeding growth in emerging markets.

Although the US economy appeared to be teetering on the edge of another recession, it defied expectations by recording a Gross Domestic Product (GDP) growth of 2.8% in the final quarter of 2011. This positive turnaround was boosted by companies rebuilding their inventories and increased consumer spending, which accounted for 70% of the national economy. For the year 2011, the US economy grew just 1.7%, after expanding 3% in 2010.

Closer to home, China, being the world’s second largest economy, had also unexpectedly registered a higher than expected growth of 8.9% in the final quarter of 2011. This was despite shrinking exports, tighter bank lending and a cooling real estate market. For the year, China’s economy expanded by 9.2%, compared to 10.3% in 2010.

2011 was a year of continued progress for the Malaysian economy, following a strong recovery in 2010, driven mainly by the domestic private sector. Malaysia’s economic performance for the final quarter of 2011 garnered a GDP growth of 5.2% bringing the year’s full-year growth to a commendable 5.1% as domestic demand remained favourable supported by both private and public sector spending. Indeed, many sectors of the economy performed well over the past 12 months.

Of greater significance was the construction sector, which recorded RM85 billion worth of projects, a 3.4% growth compared to 2010. This was largely attributed to the support received from the roll-out of projects under the 10th Malaysia Plan (10MP), amounting to RM230 billion and the Economic Transformation Programme (ETP) in the second half of the year under review.

Notwithstanding the slower growth experienced in the global economy in general and the resilience demonstrated by the Malaysian economy in particular, I am pleased to report that UMLand Group concluded FY2011 by reporting a healthy profit. Once again, the Group’s strong performance for the year under review underscores not only the support received from all our stakeholders but also its prudent management of financial resources and continuous evolution in tandem with the developments of the real estate industry in Malaysia.

Chairman’sMESSAGE

10 UNITED MALAYAN LAND BHD (4131-M)

“I am pleased to report that UMLand Group concluded FY2011 by reporting a healthy profit.”

11

FINANCIAL PERFORMANCE

In the year under review, the Group’s pre-tax profit was RM80.8 million, on total revenues of RM323.5 million, a 8.7% and 2.1% increase respectively from RM74.3 million and RM316.9 million recorded in the previous financial year ended 31 December 2010 (FY2010). Profit attributable to owners of the Group stood at RM56.9 million for FY2011, a rise of 10.3% from RM51.6 million in the previous year. The Group’s balance sheet and liquidity remained strong, with net assets at the end of FY2011 of RM969.1 million.

DIVIDEND

In line with the Group’s endeavour to continue rewarding its shareholders with consistent dividend payout, UMLand has adopted a dividend policy of 25% payout ratio based on the Group’s annual net earnings, after taking into consideration the availability of distributable reserves as well as the Group’s cash flow requirements. This policy heralds the commitment by the Group to strive to improve earnings and consequently increase shareholders’ returns on their investment.

For FY2011, the Group paid a tax-exempt interim dividend of 2.50 sen per ordinary share and proposed to pay a final net dividend of 5.00 sen per ordinary share. The proposed final net dividend of 5.00 sen per ordinary share is subject to shareholder’s approval at the forthcoming AGM. If approved by the shareholders, the total net dividend for FY2011 is 7.50 sen per ordinary share, which represents a payout of 40% of the Group’s net earnings for the year, higher than the payout ratio adopted by the Group.

HIGHLIGHTS

The year under review witnessed several key milestones and achievements for the Group. UMLand has continued to maintain focus and advanced its township operations, particularly in Iskandar Malaysia. Indeed, the Group’s township division, comprising Bandar Seri Alam and Seri Austin in Iskandar Malaysia and Bandar Seri Putra in Selangor, has remained a major contributor to the Group’s revenue.

The series of launches at the Group’s three townships pays testament to our strong commitment of delivering quality and affordable housing to the general Malaysian public.

Given the tremendous growth potential in Iskandar Malaysia, UMLand has increased its involvement in Iskandar Malaysia in 2011 and now marks its presence across four out of the five Iskandar flagship zones, with a total gross development value

Chairman’s MESSAGE

(GDV) of over RM5.9 billion to be realised over the future years. We are especially encouraged by the healthy sales for the Group’s projects in Iskandar Malaysia, as the take up rate over the last two years has increased substantially. The Group’s current landbank in Iskandar Malaysia of more than 1,600 acres stands as a testimony of the Group’s commitment and strengthening position in the emerging property market within this Southern economic zone of Malaysia.

During the year, the Group’s flagship township in Iskandar Malaysia, Bandar Seri Alam, further cemented its reputation as the education hub for the Eastern Gate of Iskandar Malaysia with the signing of a Memorandum of Understanding with HELP International Corporation Berhad to establish its first HELP University campus in the Southern region; and the strategic partnership with Raffles Campus Pte Ltd to build the first Raffles Campus international school in Malaysia. The addition of HELP University campus and Raffles School will further contribute towards the strategic transformation of Seri Alam into a “City of Knowledge” and significantly enhance the Group’s long-term investment appeal against its competitors in the region given the various developments coming on stream in Iskandar Malaysia.

Of equal significance is UMLand’s strategy of maintaining a portfolio of quality land bank for developments within the short, medium and longer terms. This strategy has served UMLand well through the various real estate cycles and accorded the Group greater flexibility in business decision making on its development focus and product launches. As a result of UMLand’s land bank strategy, the Group was well positioned to weather the constantly evolving environment and capitalise on opportunities in 2011 and I am pleased to report that the Group is on track to deliver a series of quality residential projects that meet the needs of an evolving market.

In line with our mission of developing a brand that is synonymous with quality and innovation, UMLand has also increased its momentum on building its portfolio of niche developments with the successful launch of Suasana Bukit Ceylon, a 310 unit serviced residences apartments in the enclave of Bukit Ceylon within the Kuala Lumpur City Centre with an estimated GDV of over RM320 million in 2011, which was well received by the market with strong sales recorded.

12 UNITED MALAYAN LAND BHD (4131-M)

OUTLOOK IN 2012

Many economies, including Malaysian, have shown signs of improvement over the past few months. However, uncertainty remains over the pace and shape of the European and US economies. The Board believes that the Malaysian economy will continue to grow over the next 3 years backed by the continued implementation of projects under the 10MP and the Entry Point Projects under the ETP. The Board is optimistic that 2012 will be another good year for UMLand, on the back of favourable demand for residential properties and strong growth prospect in Iskandar Malaysia.

The Board is heartened to note that the Group’s unwavering commitment to creating shareholders’ value has been more evident in Iskandar Malaysia with its significant interests in various development projects. In February 2012, the Group launched Somerset Puteri Harbour, a 168-unit luxurious boutique serviced apartment development at the waterfront and marina of Puteri Harbour, Iskandar Malaysia which is a 50:50 joint venture project with UEM Land Berhad with strong sales take up.

With its strategic location neighbouring Singapore and proximity to some of the world’s most rapidly growing and important economies as well as its range of attractive fiscal and non-fiscal incentives, Iskandar Malaysia is poised to attract a growing influx of foreign and high-level corporate investments. The Board is also confident that the immense potential of Iskandar Malaysia will positively impact the Group’s future earnings growth from its two townships, Bandar Seri Alam and Seri Austin and its second development in Puteri Harbour (parcel CS3), a commercial development in Johor Bahru City, the newly-acquired 333 acres of land located just East of Bandar Seri Alam and the acquisition of the 629-acre Pulai Jaya Land, located at the intersection of the North- South Expressway and the second link to Singapore, opposite the Johor Premium Outlet.

I am also pleased to announce that in March 2012, UMLand entered into a collaboration agreement with Iskandar Investment Bhd (IIB) to look at the possibility of undertaking development projects in Medini, Iskandar Malaysia, which has incentives for foreign investors only available to Medini.

Located in the Nusajaya Flagship zone of Iskandar Malaysia, Medini is one of the eight catalyst developments within Nusajaya, in addition to Johor State New Administration Centre, Puteri Harbour, Southern Industrial and Logistic Cluster, Afiat Healthpark, EduCity, International Destination Resort and Nusajaya Residences.

Given the unique incentives available to foreign investors in Medini and the central role Medini plays in the vision of success in Iskandar, the collaboration between UMLand and IIB bodes well for the Group’s vision to grow in the anticipated success of Iskandar Malaysia.

In addition to the Group’s projects in Iskandar Malaysia, another project in the pipeline is the Group’s joint venture development with Bolton, a 4.3-acre land in the Kuala Lumpur City Centre vicinity. This proposed mixed development of office, commercial and residential units is expected to take off in 2013 and will span over the next few years.

The Group remains committed to delivering shareholders’ value through the continued generation of strong profits, and development of new sustainable revenue streams, while maintaining a conservative balance sheet in view of the uncertain macro-economic environment.

The Board is confident that the Group will further progress as it capitalises on new investment opportunities and converts its developments into revenues streams in coming years.

ACKNOWLEDGEMENTS

I would like to extend my gratitude and appreciation to Mr. Pee Tong Lim, who retired as the Group Chief Executive Officer in February 2012, for his contributions over the years. His level-headed counsel will be greatly missed by the Board and management of UMLand. I also wish to thank my fellow Board members for their significant insights and contributions. Their invaluable contributions have played a key role in shaping UMLand’s commendable performance in 2011 and strengthening the business for the future. My appreciation also goes to the management and staff for their dedication and commitment.

Last but not least, I would like to thank our customers, business partners, associates, suppliers, bankers, authorities and everyone for their unwavering support that has contributed to the continuing success of the Group.

TUN MUSA HITAMChairman

13

UMLand Group(figures in RM million) 2011 2010 2009 2008 2007

KEY FINANCIAL INFORMATION

Revenue 323.47 316.92 208.51 172.08 396.77

Profit before taxation 80.78 74.34 62.92 0.58 71.05

Taxation (20.05) (16.60) (5.45) (1.84) (11.10)

Profit/(Loss) for the financial year 60.73 57.74 57.47 (1.26) 59.95

Profit/(Loss) attributable to:

Owners of the Company 56.93 51.57 55.04 (3.46) 46.61

Non-controlling interests 3.80 6.17 2.43 2.20 13.34

Profit/(Loss) for the financial year 60.73 57.74 57.47 (1.26) 59.95

Issued and paid-up share capital* 301.63 241.30 241.30 241.30 241.25

Total assets employed 1,304.97 1,179.41 1,197.14 1,271.44 1,280.83

Total liabilities 335.92 245.41 272.37 370.99 361.13

Total net assets 969.05 934.00 924.77 900.45 919.70

Equity attributable to owners of the Company 915.86 878.53 857.85 816.39 832.83

Non-controlling interests 53.19 55.47 66.92 84.06 86.87

Total equity 969.05 934.00 924.77 900.45 919.70

KEY FINANCIAL RATIOS

Gross dividend per share (sen)

- Taxed

- Tax exempt

- Single tier

7.50

-

2.50

5.00

7.65

0.60

2.50

4.55

9.76

9.06

0.70

-

2.50

2.50

-

-

10.00

10.00

-

-

Net dividend per share (sen) 7.50    7.50        7.50         1.90         7.40

Basic earnings/(loss) per share (sen)** 18.87 17.10 18.24 (1.15) 15.45

Net assets per share (RM) 3.04 3.64 3.56 3.38 3.45

Gearing (times) 0.16 0.15 0.22 0.34 0.30

* Net of treasury shares of 401,800.** Basic earnings per share for the comparative years has been restated to take effect of bonus issue completed in August 2011

Five-Year GROUP FINANCIAL HIGHLIGHTS

14 UNITED MALAYAN LAND BHD (4131-M)

Net profit attributable to owners of the company

323.47million Good sales driven by township division

323.47316.92

208.51

172.08

396.772007

2008

2009

2010

2011

Net assets per share

3.04 ringgitNet assets surpported by larger capital base

3.64

3.56

3.38

3.45

-16%

2007

2008

2009

2010

2011

56.93million Healthy profit margin from township and niche divisions

56.93

51.57

55.04

(3.46)

46.61

+10%

2007

2008

2009

2010

2011

Basic earnings per share(EPS)

18.87senDriven by consistent performance

17.10

18.24

(1.15)

15.45

+10%

2007

2008

2009

2010

2011

Total assets

1,304.97million Adding value to our strong asset base

1,179.41

1,197.14

1,271.44

1,280.83

+11%

2007

2008

2009

2010

2011

Net dividend per share

7.50 senContinuous reward to our loyal shareholders

7.50

7.50

1.90

7.402007

2008

2009

2010

2011

Revenue +2%

3.04

18.87 1,304.97

7.50

(Figures in RM)

15

22

25 AUG 2011

28

22 JUNE 2011

24 AUG 2011

NOV 2011

30 MAY 2011

AUG 2011

Payment of tax exempt interim dividend of 2.5 sen per ordinary share for financial year ending 31 December 2010. The final net dividend amounted to RM6,032,585.96

Listing and quotation of Bonus Issue of 60,325,781 new ordinary shares of RM1.00 each pursuant to the Bonus Issue of 1 new ordinary share for every 4 existing ordinary shares held.

Announcement of Quarter 1 financial results for the financial period ended 31 March 2011 to Bursa Malaysia Securities Berhad.

Payment of final dividend of 0.60 sen per ordinary share less tax and single tier 4.55 sen per ordinary share in respect of the financial year ended 31 December 2010. The final net dividend amounted to RM12,065,171.65

Announcement of Quarter 4 financial results for the financial

period ended 31 December 2010 to Bursa Malaysia

Securities Berhad.

50th Annual General Meeting/Extraordinary

General Meeting.

Announcement of Quarter 2 financial results for the

financial period ended 30 June 2011 to Bursa

Malaysia Securities Berhad.

Announcement of Quarter 3 financial results for the financial period ended

30 September 2011 to Bursa Malaysia Securities Berhad.

Financial CALENDAR For The Financial Year Ended 31 December 2011

23

FEB 2011

22 FEB 2011

16 UNITED MALAYAN LAND BHD (4131-M)

17

Investment holding and provision of management services

BANGI HEIGHTS DEVELOPMENT SDN BHD Property Development and Property Investment

SERI ALAM PROPERTIES SDN BHDProperty Development and Business of Real Estate

RAFFLES CAMPUS (SERI ALAM) SDN BHDManagement of Campus Facilities for Education and related activities

PMS SERVICES SDN BHDOperations of commercial properties and related activities

SERI ALAM HOTEL RESORT SDN BHDHotels, resorts and related leisure activities

SERI ALAM LEISURE SDN BHDInvestment Holding

SERI ALAM GOLF & EQUESTRIAN CLUB SDN BHDOperation of a Recreational Club including leasing of the grounds and Related Activities

IPJORA HOLDINGS SDN BHDDeveloping, Building, Owning and Operating Serviced Apartments

ESSENTIAL UTILITIES TRADING SDN BHDGeneral Trading

UM LAND ASSETS SDN BHDProperty Investment

DYNASTY VIEW SDN BHDProperty Development and Related Activities

UM LAND BUILDERS SDN BHD(Formerly known as UM Land Bena Sdn Bhd) Property Development and Related Activities

UM LEISURE SDN BHDGeneral Trading

51%

COUNTRY EQUITY SDN BHDInvestment Holding

100%

100%

18 UNITED MALAYAN LAND BHD (4131-M)

100%

100% 100%

100%70%

100%

100%

100%

100%

100%

100%

Group CORPORATE STRUCTURE

CLEAR DYNAMIC SDN BHDProperty Development and Related Activities

EXQUISITE SKYLINE SDN BHDProperty Development and Related Activities

UM RESIDENCES SDN BHDDevelopment of Serviced Apartments

SUASANA SENTRAL TWO SDN BHD Property Development and Related Activities

ALPINE RETURN SDN BHDProperty Development and Related Activities

UM DEVELOPMENTSDN BHD Property Development and Related Activities

NUSAJAYA CONSOLIDATED SDN BHDProperty Development and Related Activities

SSBC SDN BHDLetting and Marketing Somerset Seri Bukit Ceylon Serviced Residences

TownshipNiche

Others

TENTU TEGUH SDN BHDProperty Development and Related Activities

LEXTREND SDN BHDProperty Development and Related Activities

100%

50%

50%

100%

19

EXTREME CONSOLIDATED SDN BHDProperty Development and Related Activities

51%

100%100%

100%

70%

50.5%

EXQUISITE MODE SDN BHDProperty Development and Related Activities

100%

100%