PETALING JAYA: UEM Sunrise Bhd’s three indirect wholly-owned subsidiaries have inked eight deals to dispose of 46.9ha of freehold land parcels 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 freehold land in Tanjung Kupang, Johor, UEM Sunrise said in a statement.
Nusajaya Rise also entered into two agreements with PGB Landmark for the disposal of 26.42ha of freehold land in Tanjung Kupang, while Nusajaya Heights Sdn Bhd 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.
“The disposal will allow us to monetise some of our land bank 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 land,” said UEM Sunrise chief executive officer Sufian Abdullah.
Paragon Globe executive chairman Datuk Seri Edwin Tan Pei Seng said the land acquisitions will give it opportunities to create greater economic value to Johor Baru as well as increase its earning potential over the medium to long term.