UEM Sunrise has agreed to sell a portion of its Kiara Bay, a mixed residential and commercial development located in Kepong, adjacent to the Kepong Metropolitan Park, measuring approximately 4.01 acres to Pembinaan Kery Sdn Bhd for a
total consideration of RM85 million
Under the deal, PKSB will grant UEM Sunrise subsidiary MLSB the exclusive and irrevocable right to develop the Land into a residential development and some supporting commercial units. MLSB is also given the right to sell the completed properties. The consideration for the development rights is the Development Rights Value to be paid by MLSB to PKSB in the manner stipulated under the Proposed DRA.
The land sale is part of UEM Sunrise’s strategy where the proceeds will be partly used towards paring down debts and potentially accelerating land banking efforts in the Central region.
