COVID–19 NEWS   Japan registers record 250,403 COVID-19 cases within past 24 hours | COVID: Malaysia records increase in new cases, fatalities - Dr Noor Hisham | New COVID-19 cases drop 5.2 pct last week - Health Dg  | Witness still COVID-19 positive, Ahmad Zahid's corruption trial postponed | Japan's daily COVID cases top 180,000, set fresh record amid 7th wave | 
BUSINESS

UEM Sunrise to acquire 2.58 hectares for RM384 mln

04/08/2022 09:30 PM

KUALA LUMPUR, Aug 4 (Bernama) -- UEM Sunrise Bhd’s indirect wholly-owned subsidiary, Lucky Bright Star Sdn Bhd, has entered into a sale and purchase agreement (SPA) with Nippponkey Sdn Bhd for a proposed land acquisition for a total purchase price of RM384.04 million.

In a filing with Bursa Malaysia today, the investment is to be satisfied via a cash payment of RM235.79 million and RM148.25 million in kind.

The 2.58-hectare (ha) freehold parcel is located at Jalan Yahya Petra, previously Jalan Semarak, in Kuala Lumpur.

For the payment in-kind, Nipponkey also entered into 16 disposal and land transfer agreements with UEM Sunrise’s indirect wholly-owned subsidiaries, Nusajaya Rise Sdn Bhd (NRSB) and Symphony Hills Sdn Bhd (SHSB), being the registered landowners of a net area of 43.63 ha in the district of Johor Bahru, Johor.

The filing said the parcels are part of Gerbang Nusajaya, Iskandar Puteri and have a total consideration of RM148.25 million. 

The company said that the proposed acquisition is in line with its three-pronged turnaround plan 'Triage’, ‘Stabilise’, ‘Sustain’, implemented to chart a clear path towards becoming a balanced real estate player.

"The first phase ‘Triage’ is focused on undertaking activities to strengthen financial performance, revitalise and strengthen product portfolio and expedite new product launches.

"The proposed acquisition is aligned with the company’s needs under ‘Triage’, which centre on strengthening its pipeline to drive sustainable growth, and at the same time, rebalance its landbank portfolio as evidenced by the transfer and disposal of the Gerbang Nusajaya land,” it said. 

The land in Kuala Lumpur is to be developed and the development is estimated to generate a gross development value of RM1.5 billion over a span of four years commencing with its tentative launch in 2024, the filing said.

-- BERNAMA



 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy