KUALA LUMPUR (Oct 24): UEM Sunrise Bhd and Luxx Newhouse Group had today signed a sale and purchase agreement (SPA) for the sale of 100,000 sq ft of freehold land in Johor to Luxx for RM13 million.

Property developer UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the land is located within the Southern Industrial and Logistics Clusters (SILC) in Iskandar Puteri.

"It is about getting the right people and businesses to be established here, so we need to find a balance. The bigger goal is job creation," Anwar Syahrin told reporters at the SPA signing ceremony here today.

Under the SPA, he said real estate interior products specialist Luxx has the option to buy another 100,000 sq ft of land within the SILC.

Luxx founder Jimmy Tong said the solid-surface material and furniture manufacturer will consolidate its Shah Alam operations in Selangor within its proposed plant in SILC. Tong said Luxx will have within the SILC a 60,000 sq ft plant, which is expected to be ready by 2020.

"We will invest some RM80 million over the next five years to establish the new location as its (Luxx) regional headquarters. And we want it to be an iconic building with a design that can reflect the values and aspiration of ourselves and our partners," he said.

At Bursa Malaysia today, UEM Sunrise shares settled at RM1.10. The company's latest-reported net assets per share stood at RM1.54.