KUALA LUMPUR: UEM Sunrise Bhd said it is planning to developed mixed commercial project on the site that currently housed Dutch Lady Milk Industries Bhd's factory and warehouse in Petaling Jaya, Selangor.
The project was targeted for launch in the next two to three years and was estimated to have a gross development value of RM1.3bil.
Dutch Lady on Wednesday announced that it had entered into a deal to sell the 9.93 acres site to UEM Land Bhd, a unit of UEM Sunrise, for RM200mil cash.
The deal includes a tenancy agreement for Dutch Lady to continue operating from the location until its new facility near Seremban is fully operational. "Preliminary plans for the leasehold parcels will focus on delivering a mixed commercial development that will complement the ongoing redevelopment efforts for the entire Section 13 into a commercial hub," UEM Sunrise said in a statement today.
Its Chief Executive Officer Sufian Abdullah said the deal marked the group's first project in Petaling Jaya township.
"It has been our growth plans to intensify our focus in key and strategic lands that can be tapped and provide a quick turnaround,” he said.
With the latest addition, UEM Sunrise’s total landbank stands at 11,092.8 acres, amounting to an estimated RM107.9 in gross development value.