UEM Sunrise disposes 17 parcels of land for RM75.5mil

KUALA LUMPUR: UEM Sunrise Bhd has proposed to dispose of 17 parcels of leasehold agriculture lands measuring a total of 1,776.6 acres in Perak for RM75.5mil.

In a filing with Bursa Malaysia, the developer said its indirect wholly-owned subsidiary, Symphony Hills Sdn Bhd has entered into three sales and purchase agreements (SPA) with Tapah Land Development Sdn Bhd, an indirect subsidiary of Sunsuria Bhd for the proposed disposal.

The disposal consideration was arrived at on a willing buyer-willing seller basis after considering the valuation carried out on the lands by Messrs Khong & Jaafar Sdn Bhd dated Nov 15 of RM68mil based on the lands’ existing conditions and subject to the land titles being free from encumbrances.

UEM Sunrise said four parcels were affected by settlement by a group of indigenous people. The size of the area affected is approximately 42.9 acres.

It added that the consideration for the lands was computed based on the size of the lands less the affected area.

At present, the other parts of the lands are being harvested for palm oil and cash crops.

“The proposed disposal is in line with the company’s three-pronged turnaround strategic plan to transform the company into becoming a balanced real estate player with the immediate goal to strengthen financial performance, revitalise and strengthen product portfolio, including monetising non-strategic lands and streamlining core businesses to allow the company to be more focused,” UEM Sunrise said.

The proposed disposal is anticipated to be completed towards the end of 2023.

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