PETALING JAYA: Mulpha International Bhd and UEM Sunrise Bhd have mutually terminated their master agreement to develop parcels of land in Nusajaya.
In a Bursa filing, Mulpha said conditions precedent in the master agreement have not been fulfilled or waived during the extended conditional period and, as such, both parties have agreed not to proceed.
“Hence, both Leisure Farm Corp Sdn Bhd and UEM Sunrise have mutually agreed to terminate the master agreement, whereupon termination, shall become null and void, and of no effect whatsoever upon the expiry of the extended conditional period on Feb 15 2021,” it said.
To recap, in 2016, Mulpha and UEM Sunrise signed a joint venture agreement to work as strategic partners to develop a mixed development on three parcels of land in Nusajaya with a gross development value of RM5 billion.
Two parcels of land, located next to Mulpha’s Leisure Farm gated development, were to be developed by Mulpha and the remaining piece of land near Gerbang Nusajaya by UEM Sunrise.