PETALING JAYA: UEM Sunrise Bhd’s indirect subsidiary, Mega Legacy (M) Sdn Bhd (MLSB), is disposing of 4.01 acres of land in Kiara Bay, Kuala Lumpur for RM85mil to Melati Ehsan Holdings Bhd’s wholly-owned subsidiary, Pembinaan Kery Sdn Bhd (PKSB).

In a filing with Bursa Malaysia, UEM Sunrise said MLSB had also entered into a development rights agreement with PKSB, where PKSB has given irrevocable and exclusive rights to MLSB to develop and market the land.

UEM Sunrise said the deal will allow the group to repay its debt obligations whilst partly utilising the proceeds for MLSB’s working capital, in view of the upcoming launch of Residensi ZIG in Kiara Bay, tentatively scheduled in the third quarter of this year.