UEM Sunrise selling land in Canada for RM372.6m

PETALING JAYA: UEM Sunrise Bhd is disposing three parcels of land measuring 4.9 acres in British Columbia, Canada for RM372.57 million (C$113 million), to concentrate on the domestic market in Malaysia and shift its international business focus to Australia.
In a filing with Bursa Malaysia today, the group said its subsidiary UEM Sunrise (Canada) Alderbridge Ltd has entered into an agreement with Canadian real estate developer South Street Development Group's unit 1107782 BC Ltd.
The group said the purchase consideration reflects the prevailing market prices of similar properties in the vicinity.
UEM Sunrise noted that it has two ongoing projects in Australia and a third project currently in the pipeline.
"The move is expected to allow the UEM Sunrise Group to better focus itself in growing its operations in these countries," it added.
The proposed disposal is expected to be completed within the third quarter of this year.