KUALA LUMPUR (Aug 26): UEM Sunrise Bhd (UEM Sunrise) is rebalancing its landbank portfolio by entering into a sale and purchase agreement with Lagenda Properties Bhd for the divestment of part of the of the company’s non-strategic land in Tapah, Perak measuring 252.15 hectares (ha) for RM29.9 million.
In a statement today, the company said the divestment is expected to be completed in August 2021.
Its managing director/chief executive officer, Anwar Syahrin Abdul Ajib (pictured) said the divestment of the Tapah land is akin to what UEM Sunrise has been doing in Iskandar Puteri and company’s plan to use the proceeds towards the funding of new land acquisitions in line with its strategy to rebalance landbank portfolio.
“Our strategy to geographically diversify and increase presence in the Klang Valley has always been our main focus. All the while, we have been divesting non-strategic pocket lands in Iskandar Puteri, utilising the proceeds received towards acquiring new lands in the Klang Valley,” he said in a statement.
The company still holds approximately 4694.35 ha, including the remaining 721.15-ha agriculture land, with an estimated gross development value close to RM107 billion.
The entire Tapah land, including the land disposed of to Lagenda Properties, represents 20 per cent of UEM Sunrise’s total landbank.
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