UEM Sunrise sells land to S. Korea’s Amorepacific


  • Stocks
  • Thursday, 30 Jun 2016

Datuk Izzaddin Idris.

PETALING JAYA: UEM SUNRISE BHD, through its wholly owned subsidiary UEM Land Bhd, has entered into a sale and purchase agreement with South Korea-based cosmetics company Amorepacific Corp for the sale of land parcels located within the Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri, Johor.

UEM Sunrise is the master developer of Iskandar Puteri.

UEM Sunrise said in a statement that as part of its global expansion strategy, Amorepacific planned to invest about US$170mil (RM691mil) in Malaysia. The 25.37-acre land will house Amorepacific’s integrated centre for research and development, manufacturing and logistics of cosmetics products.

With the establishment of the new facility, Amorepacific expects to create 300 to 500 jobs in Iskandar Puteri, one of the five flagship zones of Iskandar Malaysia.

UEM Sunrise executive director Datuk Izzaddin Idris signed the agreement on behalf of UEM Land while Amorepacific was represented by its Asean regional headquarters head, Robin Na.

In the statement, the cosmetics giant said it was attracted to SiLC due to, among others, the central utility facilities located within the industrial park, which is equipped to provide utilities such as industrial steam, chilled water and industrial waste water management, as well as its close proximity to Singapore via the Malaysia-Singapore Second Crossing where its regional headquarters is located.

Amorepacific was established in 1945 and is South Korea’s number one cosmetics company.

Izzaddin believes that the direct investment by Amorepacific will have a “queen bee” effect on SiLC. It will create a positive chain reaction attracting both upstream and downstream industries into the region which will spur the employment and population growth in Iskandar Puteri.

“We are excited to have signed this SPA with Amorepacific as it bodes well with our aspirations to make SiLC one of the key catalysts within the masterplan of Iskandar Puteri,” he said.

SiLC is a 1,300-acre managed industrial park dedicated for pharmaceuticals, biotechnology, advanced technologies and integrated logistics industries. Phase 1 and Phase 2 covering 900 acres have been sold out, with 153 of the 228 completed factories already in operation.

The next development for SiLC is Phase 3, located on a net area of about 196.5 acres targeted for 86 industrial serviced lots. It is scheduled to be launched in October.


   

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