UEM Sunrise disposes of 17 parcels of land for RM75.5m

UEM Sunrise Bhd has agreed to sell 17 parcels of leasehold agricultural land measuring a total of 1,776.6 acres (718.96ha) in Perak for RM75.5 million.

In a stock exchange filing today, the developer said its indirect wholly owned subsidiary, Symphony Hills Sdn Bhd, has entered into three sales and purchase agreements (SPAs) with Tapah Land Development Sdn Bhd, an indirect subsidiary of Sunsuria Bhd, for the proposed disposal.

The disposal consideration was arrived at on a “willing-buyer willing-seller” basis after considering the valuation carried out on the lands by Messrs Khong & Jaafar Sdn Bhd dated Nov 15, of RM68 million based on the lands’ existing conditions and subject to the land titles being free from encumbrances.

UEM Sunrise said four parcels, measuring 42.9 acres, were affected by the settlement of a group of indigenous people. 

It added that the consideration for the lands was computed based on the size of the lands less the affected area.

At present, the other parts of the lands are being harvested for palm oil and cash crops.

“The proposed disposal is in line with the company’s three-pronged turnaround strategic plan to transform the company into becoming a balanced real estate player with the immediate goal to strengthen financial performance, revitalise and strengthen product portfolio, including monetising non-strategic lands and streamlining core businesses to allow the company to be more focused,” UEM Sunrise said.

The proposed disposal is anticipated to be completed towards the end of 2023. — TMR