UEM Sunrise sells Iskandar Puteri land to AME for RM434.3mil
KUALA LUMPUR: UEM Sunrise Bhd is selling 72 freehold industrial plots measuring 169.8 acres in Iskandar Puteri, Johor to AME Elite Consortium Bhd for RM434.3 million.
AME’s wholly-owned subsidiaries Pentagon Land Sdn Bhd and Greenhill SILC Sdn Bhd entered into two sales and purchase agreements with UEM Land Bhd and Nusajaya Heights Sdn Bhd, both wholly-owned by UEM Sunrise.
The new lands are near to AME’s i-Park@SiLC industrial park that was completed in 2013, and about 30 minutes to its ongoing integrated industrial park developments, namely i-Park@Indahpura and i-Park@Senai Airport City.
UEM Sunrise chief officer of performance delivery and commercial Anuar Kasim said the sale would be the start of a strategic collaboration between UEM Sunrise, the landowner and master developer of Iskandar Puteri, and AME.
UEM Sunrise is confident that this would be another catalyst for the Iskandar Puteri Development Masterplan, particularly in accelerating the growth and development of the Southern Industrial and Logistics Clusters (SiLC).
“This will have a positive impact on the rapidly growing township of Iskandar Puteri, enhancing its livable qualities for the surrounding communities.
“This deal will also create new business and employment opportunities in the region. Additionally, it helps promote a conducive economic environment to spur demand for UEM Sunrise’s southern property products,” Anuar said today.
Among the catalytic developments under the Iskandar Puteri Development Masterplan is the development of integrated industrial parks, of which SiLC forms an essential component.
“With Phases 1 and 2 of SiLC sold out, the collaboration with AME will enable the roll out of Phase 3 more rapidly as UEM Sunrise will be dealing with an industrial park specialist, rather than several plot buyers.
AME group managing director Kelvin Lee Chai is optimistic of the prospects of the new land as it aimed to replicate its past successes in industrial park developments.
Lee said AME was targeting to generate more than RM1.5 billion in gross development value (GDV) through the acquisitions.
“The land acquisitions from UEM Sunrise are the precursor to our collaboration towards collectively generating economic benefits, by transforming the parcels of land into a successful gated-and-guarded integrated industrial park,” he said in a separated statement.
Lee said AME had built a commendable track record via its i-Park developments, generating GDV exceeding RM2.5 billion.
“Our projects have consistently registered high take up rates, as we continue to attract various leading domestic and international companies.
“With the new lands, our total landbank would increase to 232.2 acres, allowing us to generate sizable GDV over the development period. The enlarged scale of developments would extend the sustainability of our earnings even further,” he said.
Source: NST