KUALA LUMPUR, Dec 2 (Bernama) -- Sunsuria Bhd’s indirect subsidiary, Tapah Land Development Sdn Bhd, has entered into three sale and purchase agreements for the acquisition of 17 pieces of leasehold lands in Perak from Symphony Hills Sdn Bhd, an indirect subsidiary of UEM Sunrise Bhd worth RM75.5 million.
In a statement to Bursa Malaysia today, Sunsuria said the 17 lots of land, measuring 718.98 hectares located in Mukim Batang Padang and Mukim Bidor, are currently agricultural land but zoned for mixed residential and commercial.
“This proposed acquisition represents an opportunity for Sunsuria group to expand its existing property development activities to the district of Batang Padang, Perak and to tap into a new area of west coast Malaysia as it is a strategic location between Ipoh and Kuala Lumpur.
“The move will further expand the land banks of Sunsuria group for potential future development and will enable the group to leverage on its successful business model of providing affordable and quality landed properties,” it said.
In a separate filing, UEM Sunrise said the proposed disposal of the land was in line with the company’s three-pronged turnaround strategic plan to transform into becoming a balanced real estate player.
“The proposed disposal is anticipated to be completed towards the end of 2023,” it added.
Tapah Land Development is a 65 per cent-owned indirect subsidiary of Sunsuria, where its principal business activities are focused on property investment and development.
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