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NewsUEM sells land to Kuok-Khazanah JV for RM182M
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UEM sells land to Kuok-Khazanah JV for RM182M
by Cals Tue 23 Apr 2013, 00:49
UEM sells land to Kuok-Khazanah JV for RM182M
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Monday, 22 April 2013 19:12
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KUALA LUMPUR (April 22): UEM LAND HOLDINGS BHD [] (ULHB) announced that its unit today signed an agreement to sell 12.5 acres of land in Puteri Harbour for RM182 million to a Kuok-Khazanah joint venture.
In a press release, UEM said the land parcels located in Iskandar Malaysia are sold to Southern Marina Development Sdn Bhd - a 70:30 company of Kuok Brothers Group and Khazanah Nasional Bhd.
The disposal, expected to be completed within one year, is estimated to bring in RM108 million in gross profits.
“The proceeds from the proposed disposal will be utilised to meet the ULHB Group’s working capital requirements,” said the group.
The proposed development by Southern Marina will comprise a mix of high-rise residential and retail/commercial units, taking with views of the marina and Straits of Johor.
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Monday, 22 April 2013 19:12
A + / A - / Reset
KUALA LUMPUR (April 22): UEM LAND HOLDINGS BHD [] (ULHB) announced that its unit today signed an agreement to sell 12.5 acres of land in Puteri Harbour for RM182 million to a Kuok-Khazanah joint venture.
In a press release, UEM said the land parcels located in Iskandar Malaysia are sold to Southern Marina Development Sdn Bhd - a 70:30 company of Kuok Brothers Group and Khazanah Nasional Bhd.
The disposal, expected to be completed within one year, is estimated to bring in RM108 million in gross profits.
“The proceeds from the proposed disposal will be utilised to meet the ULHB Group’s working capital requirements,” said the group.
The proposed development by Southern Marina will comprise a mix of high-rise residential and retail/commercial units, taking with views of the marina and Straits of Johor.
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