UEM, AME sign HOA on RM434.3mil land disposal in Iskandar Puteri

KUALA LUMPUR: UEM Sunrise Bhd and its wholly owned units have entered into heads of agreement with subsidiaries of AME Elite Consortium Bhd for the proposed disposal of 72 freehold industrial plots measuring 169.8 acres in Iskandar Puteri, Johor, for a total sum of RM434.3mil

In the first agreement, UEM Land Bhd and Nusajaya Heights Sdn Bhd agreed to the proposed disposal of 69 industrial plots to Pentagon land Sdn Bhd and Greenhill SILC Sdn Bhd for a total purchase consideration of RM416.1mil.

In the second, UEM Land and Nusajaya agreed to the proposed disposal of three industrial plots to Pentagon for a total purchase consideration of RM18.2mil.

UEM Sunrise and AME are collaborating to develop Phase 3 of the Southern Industrial and logistics Clusters in Iskandar Puteri, on which the land is located.

According to UEM, this will allow the group to monetise the industrial park at a faster rate as compared to the sale of individual plots.

“Negotiations between the parties have commenced with respect to the definitive agreements.

“Pending the conclusion of the negotiations, the parties have agreed to document their intentions as well as the salient terms to be incorporated in the definitive agreements via the signed HOA,” it said.