by S BIRRUNTHA / Pic source: capitaland.com

UEM Sunrise Bhd has announced that the option to purchase its remaining lands in Nusajaya Tech Park, an integrated tech park at Gerbang Nusajaya, Iskandar Puteri in Johor, has lapsed.

The proposed development of the integrated tech park, is a wholly owned subsidiary of UEM Sunrise in collaboration with Ascendas Land (M) Sdn Bhd, and also a part of the CapitaLand Ltd Group of Singapore.

In a filing to Bursa Malaysia yesterday, UEM Sunrise said the options granted to Ascendas Land under the master agreement between UEM Land and Ascendas Land dated Oct 23, 2012, to purchase Phase 1, Phase 2 and Phase 3 lands, and Nusajaya Tech Park Sdn Bhd (NTPSB) under the sale and purchase agreement dated Dec 26, 2012, and between Nusajaya Rise Sdn Bhd and NTPSB to purchase Plot B, have lapsed following the expiry of the option period on Oct 22, 2021.

The property developer added that Phase 1 lands consist of Plot A and Plot B, and only Plot A, measuring approximately 120 acres (48.5623ha), was acquired by NTPSB.

It noted that subsequent to the lapse of the option period, the escrow agent shall be obliged to release the option fee totalling approximately RM13.6 million and all accrued interest, excluding the Plot A Fee, to UEM Land.

“In view of the situation, both UEM Land and Ascendas Land have been discussing the potential sale of the remaining unsold plots of lands in Nusajaya Tech Park to NTPSB, pursuant to the options aforementioned, as means to encourage a positive growth trajectory for NTPSB’s future plans.

“Notwithstanding the above, the manner of release for the option fee is also subjected to further discussion,” UEM Sunrise said.

According to the company, the intentions of both parties were formalised in a letter acknowledged by Ascendas Land on July 18, 2022.

It said further disclosures will be announced accordingly upon the execution of the definitive agreements, if any.

Currently, Plot A is a part of Nusajaya Tech Park, a well-maintained landscape and facilities technology park, offering a good mix of built-to-suit and ready-built facilities for industry needs.

The industrial park is presently home to many multinational corporations as well as small and medium enterprises.