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UEM Land sells Johor land for RM401m
2013-01-11 11:53:22

UEM Land Holdings Bhd is selling two land parcels in Puteri Harbour, Johor with a combined size of 43.64 acres to Liberty Bridge Sdn Bhd for RM400.8 million, reported The Malaysian Reserve.

Liberty Bridge is an investment holding and general trading firm equally-owned by well-known businessmen namely UOB Kay Hian Holdings Managing Director Wee Ee Chao and Kuala Lumpur Kepong Bhd Managing Director Tan Sri Lee Qi Hian.

Other co-owners are Multi Purpose Holldings Bhd Managing Director Tan Sri Surin Upatkoon and Tan Sri Nik Awang, Chairman of Syarikat Pengeluar Air Selangor Holdings.

According to UEM Land Holdings, its fully-owned units — Nusajaya Development Sdn Bhd and UEM Land Bhd — have each inked a sale and purchase agreement with Liberty Bridge, and the group intends to use the proceeds as working capital.

The land parcels were originally acquired for about RM4.05 million between 1994 and June 1995. As of 31 December 2011, their total net book value was about RM159.7 million.

Moreover, the disposal would enable the group to focus its resources on developing its remaining land within Puteri Harbour, particularly those around the Private Marina and Commercial South precincts.