UEM Sunrise sells land to South Korean cosmetic co

KUALA LUMPUR (June 29): UEM Sunrise Bhd's wholly-owned subsidiary UEM Land Bhd signed a sale and purchase agreement (SPA) with South Korea-based cosmetic company AmorePacific Corp for the sale of a 10ha (25.37 acre) land in Johor to the latter.

In a statement today, UEM Sunrise said the land is located within the Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri.

"As part of its global expansion strategy, AmorePacific plans to invest approximately US$170 million or RM691 million into Malaysia.

"The 25.37-acre land is purchased for the purpose of developing an integrated centre for research and development, manufacturing and logistics of cosmetic products," UEM Sunrise said.

UEM Sunrise executive director Datuk Izzaddin Idris said in the statement the direct investment from AmorePacific could have a "queen bee" effect in SiLC. Izzaddin said the investment was expected to attract upstream and downstream industries into SiLC.

"We are excited to have signed this SPA with AmorePacific as it bodes well with our aspirations of SiLC as one of the key catalysts within the master plan of Iskandar Puteri," Izzaddin said. — theedgemarkets.com

Sometimes, even the value of your home can be a mystery. Go to The Edge Reference Price to find out.