KUALA LUMPUR (Aug 4): UEM Sunrise Bhd has announced the acquistion of a parcel of freehold land in Jalan Sultan Yahya Petra (formerly known as Jalan Semarak), Kuala Lumpur for RM384.04 million.

The vendor is Nipponkey Sdn Bhd, a company largely controlled by Paragon Globe Bhd Chairman Datuk Seri Edwin Tan Pei Seng, said UEM Sunrise in a filing with Bursa Malaysia.

“The land is located in a prime and mature location, infrastructure-ready with good accessibility and connectivity. It is positioned in close proximity to the Kuala Lumpur city centre, which is a 2-km drive via Jalan Sultan Yahya Petra and Jalan Tun Razak, aside from its short distance to DUKE Highway (800 meters distance) via the Semarak Interchange," the property developer said.

As part settlement of the purchase price, Nipponkey signed disposal and land transfer agreements with the UEM Sunrise’s indirect wholly-owned subsidiaries, Nusajaya Rise Sdn Bhd and Symphony Hills Sdn Bhd, in relation to land in Iskandar Puteri, Johor.

The payment for the Iskandar Puteri land is set at RM148.25 million, the group said.

The balance RM235.79 million for the purchase of the land in Kuala Lumpur will be paid in cash, the group said.

The acquisition is expected to be completed by the second half of next year, the group said.

Shares in UEM Sunrise closed half sen or 1.67% higher at 30.5 sen on Thursday (Aug 4), valuing the property developer at RM1.54 billion.