An indirect subsidiary of Sunsuria Berhad, Tapah Land Development Sdn Bhd has entered into 3 sales and purchase agreements with Symphony Hills Sdn Bhd, indirect subsidiary of UEM Sunrise Berhad, to acquire 1,776.63 acres of lands in Perak.
The acquisition of the 17 pieces of leasehold lands is worth a total purchase consideration of RM75.5 million. The lots of land are located in Mukim Batang Padang and Mukim Bidor. Despite currently being agricultural land, they are zoned for future developments into mixed residential and commercial.
Out of the 1,776.63 acres, 13% (226 acres) are unused lands, while the balance of 1,550 acres covers 500 acres of farmland, 450 acres of old oil palm plantations, and 500 acres of newly planted oil palm plantations.
It is stated this proposed acquisition is Sunsuria Group’s step to expanding its property development activities beyond its current reach to the District of Batang Padang, Perak and to tap into a new area of west coast Malaysia, as it is a strategic location between Ipoh and Kuala Lumpur.
The move will further expand the Group’s land banks for potential future development and will enable Sunsuria to leverage on its successful business model of providing affordable and quality landed properties.
The development of these lands is also Sunsuria’s active steps to improve temporary access to the local community, effectively creating jobs and business opportunities for the local economy.