UEM Sunrise Berhad via three of its indirect wholly-owned subsidiaries had entered into eight Sale and Purchase Agreements with PGB Landmark Sdn Bhd a wholly-owned subsidiary of Paragon Globe Berhad, for the disposal of freehold lands measuring in aggregate approximately 46.9 hectares (115.91 acres) for a total consideration of RM146.1 million.
NRSB and SHSB collectively entered into five SPAs with PGB Landmark for the disposal of 19.52 hectares (48.26 acres) of freehold lands in Mukim Tanjung Kupang, Daerah Johor Bahru, Johor. Further, NRSB entered into two SPAs with PGB Landmark for the disposal of 26.42 hectares (65.28 acres) of freehold lands in Mukim Tanjung Kupang. NHSB has also entered into a SPA with PGB Landmark for the disposal of 0.96 hectares (2.37 acres) of freehold land in Mukim Pulai, Daerah Johor Bahru, Johor (all eight land parcels collectively referred to as the “Lands”).
The Company highlights that the disposals of the Lands are in line with its three-phase strategic turnaround plan: Triage, Stabilise and Sustain, particularly under the first phase, Triage, to transform UEM Sunrise into a balanced real estate player with the immediate goal of strengthening financial performance via, among others, monetisation of non-strategic lands.
