PETALING JAYA: UEM Sunrise Bhd (UEM Sunrise) has announced a development rights agreement (DRA) signed with EXSIM KLCC Sdn Bhd for the development of Lot 149, a 1.6-acre freehold land located at the junction of Jalan Ampang and Jalan P Ramlee.
The DRA guarantees an entitlement of RM415mil as well as incorporating a profit-sharing mechanism for UEM Sunrise as the landholder, and grants EXSIM KLCC the right to undertake and deliver the development on the lot.
UEM Sunrise chief executive officer Shaharul Farez Hassan said the partnership reflects a disciplined approach to portfolio optimisation and capital allocation.
“More importantly, the DRA allows us to leverage EXSIM KLCC’s proven development capabilities and deep understanding of the KLCC market to accelerate development of the site while enabling UEM Sunrise to focus on our own development pipeline across our priority growth corridors. Together, this strengthens our position as a focused property developer committed to delivering sustainable long-term value for our shareholders,” he added.
According to UEM Sunrise, Klang Valley remains an important market where it has a strong presence in Mont’Kiara, Kiara Bay and Cheras and is planning launches at the former Dutch Lady site in Petaling Jaya and in Kelana Jaya.
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