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UEM Sunrise Rebalances Land Portfolio with Sale of 623-Acre Tapah Land for RM29.9 Million to Ipoh – Based Developer

Symphony Hills Sdn Bhd, UEM Sunrise Berhad’s ("UEM Sunrise" or "the Company") wholly-owned subsidiary, entered into a Sale and Purchase Agreement with DBE Development Sdn Bhd, Lagenda Properties Berhad’s (“Lagenda Properties”) wholly-owned subsidiary for the divestment of part of the Company’s non-strategic land in Tapah, Perak measuring approximately 623.07 acres for RM29.9 million. UEM Sunrise continues to own the balance 1,782-acre agriculture land. The divestment is expected to be completed in August 2021.

UEM Sunrise Managing Director/Chief Executive Officer Anwar Syahrin Abdul Ajib said, “Our strategy to geographically diversify and increase presence in the Klang Valley have always been our main focus. All the while, we have been divesting non-strategic pocket lands in Iskandar Puteri, utilising the proceeds received towards acquiring new lands in the Klang Valley. The divestment of the Tapah land is akin to what we have been doing in Iskandar Puteri and we plan to use the proceeds towards the funding of new land acquisitions in line with the Company's strategy to rebalance landbank portfolio. Despite the uncertainty in the current operating environment following the Covid-19 pandemic, we are open to opportunities that deliver strategic value and a quick turn-around for our stakeholders”.

Including the remaining 1,782 acres, the Company still holds approximately 11,600 acres with an estimated Gross Development Value close to RM107 billion. The entire Tapah land, including the land disposed to Lagenda Properties, represents 20% of UEM Sunrise’s total landbank.