KUALA LUMPUR, Nov 17 — UEM Sunrise Bhd, via three indirect wholly-owned subsidiaries, has sold 46.9 hectares (ha) of freehold land in Johor Baru to Paragon Globe Bhd for RM146.1 million.

The property developer said the subsidiaries — Nusajaya Rise Sdn Bhd, Symphony Hills Sdn Bhd and Nusajaya Heights Sdn Bhd — collectively entered into eight sale and purchase agreements (SPAs) with Paragon Globe’s wholly-owned unit PGB Landmark Sdn Bhd today.

In a statement, UEM Sunrise chief executive officer Sufian Abdullah said the company’s immediate focus in Johor is to activate more residential development projects.

"This disposal will allow us to monetise some of our land banks in Johor while still leveraging on the economic activities that will be created from the proposed industrial development by PGB Landmark to boost the demand for our planned residential developments within the vicinity of the lands,” he said.

UEM Sunrise said Nusajaya Rise and Symphony Hills collectively inked five SPAs with PGB Landmark for the disposal of 19.52ha in Tanjung Kupang.

Nusajaya Rise also entered into two SPAs with PGB Landmark to dispose of 26.42ha in Tanjung Kupang.

Meanwhile, Nusajaya Heights signed an agreement with PGB Landmark for the disposal of 0.96ha in Pulai.

UEM Sunrise said the land disposals were in line with its three-phase strategic turnaround plan — triage, stabilise and sustain — particularly under the first phase, triage, which to transform the company into a balanced real estate player with the immediate goal of strengthening financial performance via, among others, monetisation of non-strategic lands. — Bernama