UEM Sunrise unit to sell site in Johor for RM82m

KUALA LUMPUR: UEM Sunrise Bhd, via its unit Nusajaya Greens Sdn Bhd (NGSB), has signed a deal to sell 11.7ha land in Johor for a purchase consideration of RM82 million to Kii Morris Sdn Bhd, a wholly-owned subsidiary of Kimlun Corp Bhd.

“We are very pleased to welcome Kimlun, an established engineering and construction company that is diversifying into the property and development business, into the list of our strategic partners,” said managing director and chief executive officer 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 a manifestation of confidence by Kimlun in Iskandar Puteri’s proposition.

“We remain optimistic and look forward to working and collaborating with more reliable partners to achieve it,” he said in a statement yesterday.

In a filing with Bursa Malaysia, UEM Sunrise said the site sold is freehold land and its current use is for agriculture.

NGSB is its registered proprietor and beneficial owner.

“The purchase consideration was arrived at a willing buyerwilling seller basis, after considering the fair valuation by Messrs KGV International Property Consultants Sdn Bhd, which was RM75.8 million, through the comparison method approach.

“About 10 per cent of the purchase consideration, or RM8.21 million, would be paid upon the execution of the sales and purchase agreement (SPA) and the rest would be fulfilled within ninety days from the approval date with an automatic extension of thirty days, subject to the payment of interest on the unpaid balance purchase consideration calculated on a day to day basis at the rate of eight per cent a year.

“The approval date is the date on which the SPA is conditional upon NGSB’s receipt of the copy of the Economic Planning Unit’s approval for the proposed disposal,” it added.