KUALA LUMPUR: Property developer UEM Sunrise Berhad has signed a sale and purchase agreement with Employee Provident Fund unit Kwasa Properties Sdn Bhd to takeover 3.7 hectares of freehold land in Kelana Jaya, which currently houses Giant hypermarket, for RM155 million.
UEM Sunrise said in a statement that Kwasa Properties' tenancy agreement with GCH Retail (Malaysia) Sdn Bhd is due to end December 2023, and that the land area has been earmarked for a mixed use development featuring retail and residential components, with a gross development value (GDV) of RM1.1 billion.
The acquisition of the land is expected to be completed in the first half of 2024, while the launch of the mixed-use development is targeted for 2025.
With this latest purchase, UEM Sunrise's total landbank in the Greater Kuala Lumpur area stands at approximately 175 hectares amounting to an estimated total GDV of RM29.5 billion.
The company's share price closed unchanged at 26.5 sen.