UEM Land Holdings Bhd is selling two plots of land measuring 43.64 acres in total to Liberty Bridge Sdn Bhd for RM 400.8 million.

UEM Land Holdings Bhd is selling two plots of land measuring 43.64 acres in total to Liberty Bridge Sdn Bhd for RM 400.8 million.

Two plots of land in Johor's Puteri Harbour is set to be transferred to investment holding firm Liberty Bridge Sdn Bhd for RM 400.8 million. The transaction will see Liberty Bridge coming into possession of two plots of land spanning a combined area of 43.64 acres.

The buyer, Liberty Bridge is led by well-known businessmen Wee Ee Chao, Managing Director of Singapore's UOB Kay Hian Holdings; and Tan Sri Lee Qi Hian, Managing Director of Kuala Lumpur Kepong Bhd. Wee and Lee are the majority owners of the firm, with each holding an equal share.

The company's other co-owners include Multi Purpose Holdings Bhd Managing Director Tan Sri Surin Upatkoon and Tan Sri Nik Awang, Chairman of Syarikat Pengeluar Air Selangor Holdings.

Nusajaya Development Sdn Bhd and UEM Land Bhd have inked a sale and purchase agreement with Liberty Bridge for each respective plot of land on behalf of UEM Land Holdings, with the group revealing that it will use the proceeds as working capital.

UEM came into possession of the plots between 1994 and June 1995, spending about RM 4.05 million in the process. The two sites have dramatically rose in value since then, booking in at RM 159.7 million in net book value as of 31 December 2011.

UEM also stated that the disposal would enable the group to focus its resources on developing its remaining land within Puteri Harbour, particularly those around the Private Marina and Commercial South precincts.