KUALA LUMPUR: Property developer UEM Sunrise Bhd
has inked a deal with building materials firm Luxx Newhouse for the sale of 100,000 sq ft of land in Johor for RM13mil.
UEM Sunrise signed a sales and purchase agreement today with Luxx Newhouse Furniture Sdn Bhd, a subsidiary of Luxx Newhouse Group, for land in phase three of the southern industrial & logistics clusters (SILC), with an option of another 100,000 sq ft.
Further to that, Luxx Newhouse will be investing about RM80mil over five years on the land.
The investment will involve furniture production, housing over 200 skilled employees.
SILC is a fully integrated 1,300-acre industrial park in Iskandar Puteri, Johor.
SILC phase 3 offers leveled industrial land with ready infrastructure, build-to-suit packages and limited ready-built facilities.
As at August, UEM Sunrise’s launched gross development value (GDV) stood at RM23.3bil.
The group has in total 13,202.9 acres of remaining land bank with a GDV of RM109.6bil.
According to reports, the company is targeting to achieve RM1.2bil in sales by the end of its current financial year ending Dec 31, 2017.
For its second quarter ended June 30, 2017, UEM Sunrise’s net profit rose to RM94.55mil from RM54.66mil a year ago, driven by higher revenue and gain from completed projects’ revised cost estimates recognised in the first quarter.
Revenue in the second quarter grew to RM897.80mil from RM537.81mil a year earlier.
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