PROPERTY NEWS: UEM Sunrise purchases 6.39-acre freehold land worth RM384.04mil

Key takeaway:

A freehold piece of property in Jalan Sultan Yahya Petra (formerly known as Jalan Semarak), Kuala Lumpur, has been purchased by UEM Sunrise Bhd for RM384.04 million.

According to a filing with Bursa Malaysia by UEM Sunrise, the seller is Nipponkey Sdn Bhd, a group that is predominantly owned by Paragon Globe Bhd Chairman Datuk Seri Edwin Tan Pei Seng.

"The land is situated in a prestigious and established area, suitable for infrastructure, with good accessibility and communication. Aside from its close vicinity to the DUKE Highway (800 metres distance) via the Semarak Interchange, it is also located close to the Kuala Lumpur city centre, which is accessible by Jalan Sultan Yahya Petra and Jalan Tun Razak.

Nipponkey inked property transfer and disposal agreements with UEM Sunrise's indirect wholly-owned subsidiaries Nusajaya Rise Sdn Bhd and Symphony Hills Sdn Bhd in regard to land in Iskandar Puteri, Johor, as part of the purchase price transaction.

The group stated that the price for the Iskandar Puteri land is fixed at RM148.25 million.

The remaining RM235.79 million would be paid in cash to acquire the land in Kuala Lumpur, according to the company.

By the second half of next year, the group anticipates the acquisition to be finished.

©️ August, 2022, theedgemarkets.com