This article first appeared in The Edge Financial Daily, on June 30, 2016.

KUALA LUMPUR: UEM Sunrise Bhd’s wholly-owned subsidiary UEM Land Bhd is selling a tract of land measuring 10ha in Johor to South Korea-based cosmetic company AmorePacific Corp for an unspecified sum.

In a statement yesterday, UEM Sunrise said UEM Land has inked a sale and purchase agreement (SPA) with AmorePacific, and that the land is located within the Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri.

“As part of its global expansion strategy, AmorePacific plans to invest approximately US$170 million or RM691 million in Malaysia.

“The 25.37-acre (10ha) land is purchased for the purpose of developing an integrated centre for research and development, manufacturing and logistics of cosmetic products,” UEM Sunrise said.

UEM Sunrise executive director Datuk Izzaddin Idris said the direct investment from AmorePacific could have a “queen bee” effect in SiLC, adding that the investment is expected to attract upstream and downstream industries to SiLC.

“We are excited to have signed this SPA with AmorePacific as it bodes well with our aspirations of SiLC as one of the key catalysts within the master plan of Iskandar Puteri,” Izzaddin said.