UEM Sunrise via its indirect wholly-owned subsidiary is looking to dispose of seventeen parcels of leasehold agriculture lands measuring a total of approximately 1,776.6 acres in Perak for RM75.5 million.
The developer said the price tag was after considering the valuation carried out by an independent valuer who came up with RM68 million based on the Lands’ existing conditions and subject to the land titles being free from encumbrances. UEM said out of the property four parcels are affected by settlement by a group of indigenous people. The size of the area affected is approximately 42.9 acres
At present, the other parts of the land are being harvested for palm oil and cash crops. UEM adds the proposed disposal is in line with its three-pronged turnaround strategic plan to transform the Company into becoming a balanced real estate player with the immediate goal to strengthen financial performance, revitalise and strengthen product portfolio, including monetising non-strategic lands, and streamlining core businesses to allow the Company to be more focused. The proposed disposal is anticipated to be completed towards the end of 2023.
