KUALA LUMPUR: UEM Sunrise Bhd is buying a 19.24-acre (7.79ha) leasehold land in Taman Equine, Seri Kembangan, Selangor from Kemaris Residences Sdn Bhd for RM109.5 million.
The purchase consideration is 2.5 times the amount previously paid by Kemaris Residences for the land. Kemaris Residences is owned by Lee Pin Po and Lee Chin Yong, each with a 50% stake.
In August 2015, it was reported that Kemaris Residences had acquired the land from Global Oriental Bhd for RM43.3 million. Global Oriental acquired the land in 1994 for RM8,336.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said it intends to use the land for a boutique development for the upper-middle market segment, with a gross development value (GDV) exceeding RM700 million.
“The development order has been approved for the Equine land, comprising 924 residential units, targeting at upper-middle market buyers,” he said in a statement yesterday.
UEM Sunrise’s wholly-owned subsidiary Sunrise Alliance Sdn Bhd (SASB) yesterday inked a sale and purchase agreement with Kemaris Residences for the proposed acquisition.
The transaction is conditional upon Kemaris Residences obtaining the Selangor state government’s consent to transfer the Equine land to SASB.
Taman Equine, 18km south of Kuala Lumpur city centre, is easily accessible via Maju Expressway, Lebuhraya Damansara Puchong and South Klang Valley Expressway. The Equine Park mass rail transit line 2 (MRT2) station, currently under construction, is 1.3km south of the Equine land.
Anwar said the project will help expand UEM Sunrise’s presence in the central region. “We are very pleased with the opportunity to acquire this land, as prime land in such a mature and established neighbourhood is scarce,” he added.
He pointed out the project’s key selling points would be the location and its accessibility. “AEON Taman Equine, Alice Smith International School, and two hypermarkets are within 3km radius. The MRT2 would connect Taman Equine with key commercial areas,” he said.
“With our vast experience in developing high-rise projects in Mont Kiara, Kuala Lumpur, we have all the expertise and skills required to replicate our success in this renowned international enclave for the Equine land project. We are very excited to tap the vast opportunities through this land acquisition.”