UEM Sunrise sells Johor land to Kimlun
Aliff Yusri 21 Dec 2017 17:21
UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib.
UEM Sunrise Bhd, through its indirect wholly-owned subsidiary Nusajaya Greens Sdn Bhd, has announced the disposal of an 11.74ha freehold land parcel in Pulai, Johor for RM82.1 mil.
The transaction, conducted through a sale and purchase agreement (SPA) with Kimlun Corp Bhd indirect subsidiary KII Morris Sdn Bhd, will be satisfied via a 10% deposit sum of RM8.21 mil upon SPA execution, with the remaining RM73.89 mil due within 90 days from the approval date.
“We are very pleased to welcome Kimlun, an established engineering and construction company that is diversifying into the property and development business, into our list of strategic partners,” says UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib.
“They share the same vision for Iskandar Puteri to become the largest fully integrated urban development in Southeast Asia. The transaction is clearly a manifestation of confidence by Kimlun of Iskandar Puteri’s proposition, and as the master developer of Iskandar Puteri, we remain optimistic in the future of the region,” he adds.
The land parcel, which is currently utilised for agricultural purposes with temporary worker accommodations, was valued at RM75.78 mil by KGV International Property Consultants Sdn Bhd using the comparison method approach.
It is located off Lebuh Kota Iskandar within a prime area of Iskandar Puteri, with proximity to the planned Kuala Lumpur-Singapore High-Speed Rail station in Gerbang Nusajaya.