KUALA LUMPUR: UEM Sunrise Bhd's subsidiaries have entered into sale and purchase agreements (SPAs) with Paragon Globe Bhd's (PGB) unit PGB landmark Sdn Bhd, to dispose of 46.9 hectare (ha) of land for RM146.1 milion.
UEM Sunrise's wholly owned units Nusajaya Rise Sdn Bhd (NRSB), Symphony Hills Sdn Bhd (SHSB) entered into five SPAs with PGB Landmark for the disposal of 19.52 ha of freehold lands in Mukim Tanjung Kupang, Daerah Johor Bahru, Johor.
Separately, NRSB entered into two SPAs with PGB Landmark for the disposal of 26.42 ha of freehold land in Mukim Tanjung Kupang.
Finally, Nusajaya Heights Sdn Bhd (NHSB) also entered into a SPA with PGB Landmark for the disposal of 0.96 ha of freehold land in Mukim Pulai, Johor Bahru, Johor.
UEM Sunrise chief executive officer Sufian Abdullah said the company's immediate focus in Johor is to activate more residential development projects.
"This disposal will allow us to monetise some of our land bank in Johor while still leveraging on the economic activities that will be created from the proposed industrial development by PGB Landmark to boost the demand for our planned residential developments within the vicinity of the lands," he added.
PGB executive chairman Datuk Seri Edwin Tan Pei Seng said the land acquisitions will grant PGB with opportunities to create greater economic value to Johor Bahru as well as increase the company's earnings potential over the medium to long term.