UEM Sunrise’s indirect wholly owned subsidiary, Nusajaya Rise Sdn Bhd entered into sale and purchase agreements with Nusajaya Tech Park Sdn Bhd, a joint venture company owned by UEM Land Berhad and Ascendas Land (Malaysia) Sdn Bhd; an indirect subsidiary of CapitaLand Development of Singapore for the sale of its lands in Gerbang Nusajaya, Iskandar Puteri, Johor of approximately 94.9 hectares or 234.5 acres for a total consideration of RM289.2 million.
UEM Sunrise Bhd is injecting freehold plots measuring a total of 94.9ha in Johor into its joint venture with CapitaLand Development of Singapore Nusajaya Tech Park Sdn Bhd (NTPSB) for the expansion of new industrial phases in the Nusajaya Tech Park, Iskandar Puteri. In a statement, UEM Sunrise said its indirect wholly owned Nusajaya Rise Sdn Bhd has inked two sale and purchase agreements with NTPSB, the JV of UEM Sunrise's wholly owned UEM Land Bhd and CapitaLand's indirect unit Ascendas Land (Malaysia) Sdn Bhd, for the sale of the plots for RM289.2 million.