KUALA LUMPUR: UEM Sunrise Bhd announced that its indirect wholly owned subsidiary, Aurora Tower At KLCC Sdn Bhd, has entered into a development rights agreement (DRA) with EXSIM KLCC Sdn Bhd for the development of Lot 149, located near Kuala Lumpur City Centre (KLCC), with a guaranteed entitlement of RM415 million.
Under the agreement, UEM Sunrise will grant EXSIM KLCC the right to undertake and deliver the development of Lot 149, 0.64-hectare freehold land sited at the junction of Jalan Ampang and Jalan P. Ramlee, bringing together the company’s strategic landholding with a partner that has an established track record in delivering premium developments within the KLCC precinct.
In a Bursa Malaysia filing today, UEM Sunrise said the agreement also incorporates a profit-sharing mechanism, enabling the company to participate in the future success of the development while aligning the longer-term interests of both parties.
UEM Sunrise’ ‘s Managing Director and Chief Executive Officer, Shaharul Farez Hassan, said the DRA allows the group to leverage EXSIM KLCC’s proven development capabilities and deep understanding of the KLCC market to accelerate development of the site, while enabling UEM Sunrise to focus on its own development pipeline across its priority growth corridors.
“Together this strengthens our position as a focused property developer committed to delivering sustainable long-term value for our shareholders,” he said.
Shaharul Farez said Kuala Lumpur and the Klang Valley remain important markets for UEM Sunrise, where it continues to develop a strong presence in key locations such as Mont’Kiara, Kiara Bay and Cheras.
He said the group is expanding its footprint in the Klang Valley with its development in Petaling Jaya, including upcoming launches at the former Dutch Lady site and in Kelana Jaya.
“The company is also advancing its next phase of growth in Iskandar Puteri, where it is the largest landowner and master developer of the Gerbang Nusajaya and Puteri Harbour integrated townships.
“It is progressing strategic initiatives, including the Gerbang Nusajaya Industrial Park, to capture opportunities arising from the Johor-Singapore Special Economic Zone (JS-SEZ),” said UEM Sunrise. – BERNAMA
