Country View Purchases 163.9 acres of Land in Iskandar Puteri

October 31, 2017

 
UEM Sunrise Berhad (“UEM Sunrise” or the “Company”) one of Malaysia’s leading property developers, via its wholly-owned subsidiary Bandar Nusajaya Development Sdn. Bhd., inked a Sale and Purchase Agreement with Country View Resources Sdn. Bhd., a wholly-owned subsidiary of Country View Berhad (“Country View”), for the sale of 163.9 acres of land in Iskandar Puteri, Johor.

The land that is zoned for commercial use is strategically located near the interchange between the Coastal Highway and Lebuh Kota Iskandar.

With the Coastal Highway now being extended all the way to the Sultan Abu Bakar CIQ Complex, which later will connect to the eastern side of Gerbang Nusajaya, the land enjoys increased accessibility and connectivity.

With the upcoming high-speed rail station anticipated to be located in Gerbang Nusajaya, which is at the heart of Iskandar Puteri and the gateway to Iskandar Malaysia, it is within close proximity to excellent infrastructure and quality developments which are catalytic in nature.

Recognised as one of the most liveable cities in South-East Asia in a recent survey conducted by consulting firm Mercer1, Iskandar Puteri remains an attractive market to the world.

Economic growth and activity in the market is expected to be on the uptrend as the flow of Direct Foreign Investments (“FDI”) into Malaysia strengthens. Further development of the region will also serve to boost Johor’s image as a highly liveable and sustainable city to work, live and play.

“This latest investment in Iskandar Puteri by yet another leading property developer reflects the confidence that not just international players, but domestic players as well, have in us and the region. With the sale of this land parcel to Country View, we have close to 10,000 acres of landbank left in the Southern Region including lands which have been identified for joint venture developments. This translates to a potential Gross Development Value of RM94 billion as we have a number of quality projects in the pipeline.”

“We in UEM Sunrise remain optimistic in the future of Iskandar Puteri and the wider region, and look forward to working with valuable and reliable partners like Country View in developing Iskandar Puteri. Together, we will be able to unlock the land value and spur future
growth of Iskandar Puteri as well as the region,” said UEM Sunrise’s Managing Director/Chief Executive Officer, Anwar Syahrin Abdul Ajib said.

Country View’s Executive Director, Law Kit Tat said, “Our strong track record in developing residential and commercial developments in Malaysia puts us in good stead to build on our expertise in Iskandar Puteri. We have developed more than 15,000 units of various types of properties including residential and commercial properties, of which more than 5,000 units were low cost houses in Johor. This acquisition marks our growing footprint in Malaysia, and we look forward to developing this land in the near future to support the thriving and growing community.”

Representing UEM Sunrise at the signing ceremony were Anwar Syahrin Abdul Ajib and Chief Financial Officer, Mohamed Rastam Shahrom while Country View was represented by Law Kit Tat and Executive Director, Wong Chee Sean @ Wong Sean.

The signing ceremony was held at UEM Sunrise Showcase in Mont’Kiara, Kuala Lumpur. It was witnessed by Tan Sri Dato’ Sri Zamzamzairani Mohd Isa, Chairman of UEM Sunrise and Tan Sri Datuk Ir. (Dr.) Mohamed Al Amin Abdul Majid, Executive Chairman of Country View.

 

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