PETALING JAYA: UEM Sunrise Bhd
and AME Elite Consortium Bhd have formed a 50:50 joint venture through their respective wholly-owned subsidiaries, UEM Land Bhd (UEML) and AME Development Sdn Bhd (AMED).
The partnership aims to develop a 402.1-acre managed industrial park in Gerbang Nusajaya in Iskandar Puteri, Johor, with an estimated gross development value (GDV) of RM4bil.
In a filing with Bursa Malaysia, AME Elite noted the joint venture vehicle, Gerbang Synergy Sdn Bhd (GSSB), will acquire the freehold land parcel from Nusajaya Rise Sdn Bhd, a wholly-owned subsidiary of UEM Sunrise, for RM972.1mil cash.
AMED’s portion of the aggregate funding for the initial share subscription and shareholders' loans amounts to RM453.18mil.
Furthermore, GSSB has appointed AMED to act as both the project manager (earning a 1% fee of the gross development cost) and the marketing manager (earning a 2% fee of the net selling price).
The venture combines UEM Sunrise’s landbank and master-planning strengths with AME Elite’s industrial space expertise and multinational client network.
The project significantly expands AME Elite’s property development pipeline, increasing its total land bank from 295.3 acres to 697.4 acres.
Situated within the Johor-Singapore Special Economic Zone (JS-SEZ), the development is positioned to capitalize on rising regional investment momentum.
