KUALA LUMPUR: UEM Sunrise Bhd has announced that three of its indirect wholly-owned subsidiaries have inked eight deals to dispose of about 46.9ha of freehold lands to PGB Landmark Sdn Bhd, a subsidiary of Paragon Globe Bhd, for a combined RM146.1mil.
Nusajaya Rise Sdn Bhd and Symphony Hills Sdn Bhd collectively signed five sales and purchase agreements for the sale of 19.52ha of freehold lands in Tanjung Kupang in Johor, it said in a statement.
Nusajaya Rise also separately entered into two agreements with PGB Landmark for the disposal of 26.42ha of freehold lands in Tanjung Kupang while Nusajaya Heights inked a deal for the sale of 0.96ha of freehold land in Pulai, Johor.
“Our immediate focus in Johor is to activate more residential development projects.
"This disposal will allow us to monetise some of our land banks in Johor while still leveraging on the economic activities that will be created from the proposed industrial development by PGB Landmark to boost the demand for our planned residential developments within the vicinity of the Lands," said UEM Sunrise CEO Sufian Abdullah.
Paragon Globe executive chairman Datuk Sri Edwin Tan Pei Seng said the land acquisitions will give it opportunities to create greater economic value to Johor Bahru as well as increase its earning potential over the medium- to long-term.