KUALA LUMPUR, 29 June 2016 – UEM Sunrise Berhad (UEM Sunrise or the Company), one of Malaysia’s leading property developers and master developer of Iskandar Puteri (formerly known as Nusajaya); has entered into a Sale and Purchase Agreement (SPA) through its wholly-owned subsidiary, UEM Land Berhad with a South Korea-based cosmetics company – AMOREPACIFIC Corporation (AMOREPACIFIC) for the sale of land parcels located within Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri, Johor.
As part of its global expansion strategy, AMOREPACIFIC plans to invest approximately USD170 million or RM691 million into Malaysia. The 25.37-acre land is purchased for the purpose of developing an integrated centre for research and development, manufacturing and logistics of cosmetics products.
With the establishment of the new facility, AMOREPACIFIC expects to create between 300 to 500 new jobs in Iskandar Puteri, one of the five flagship zones of Iskandar Malaysia.
The signing of the SPA was formalised on 28 June 2016 in a ceremony held at the headquarters of UEM Group Berhad, the holding company of UEM Sunrise.
Dato’ Izzaddin Idris, Executive Director of UEM Sunrise signed the agreement on behalf of UEM Land Berhad, the land owner and AMOREPACIFIC was represented by Robin Na, Head of AMOREPACIFIC Asean Regional Headquarters.
The signing was witnessed by Raymond Cheah, Chief Operating Officer, Commercial of UEM Sunrise and Kim Dongyoung, AMOREPACIFIC Plant Engineering Team Leader.
The cosmetics giant highlighted that they were attracted to SiLC due to among others, the Central Utility Facilities located within the industrial park which is equipped to provide utilities such as industrial steam, chilled water and industrial waste water management as well as its close proximity to Singapore via the Malaysia-Singapore Second Crossing (Linkedua) where their Regional Headquarters is located.
AMOREPACIFIC was established in 1945 and it is South Korea’s number one cosmetics company. More information can be obtained from www.amorepacific.com.
Dato’ Izzaddin believes that the direct investment from AMOREPACIFIC has a “Queen Bee” effect in SiLC. It will create a positive chain reaction attracting both upstream and downstream industries into the region which will spur the employment and population growth in Iskandar Puteri.
“We are excited to have signed this SPA with AMOREPACIFIC as it bodes well with our aspirations of SiLC as one of the key catalysts within the masterplan of Iskandar Puteri,” he said.
SiLC is a 1,300-acre managed industrial park dedicated for pharmaceuticals, biotechnology, advanced technologies and integrated logistics. Phase 1 and Phase 2 covering 900 acres have been sold out, with 153 of the 228 completed factories already in operation. The next development for SiLC is Phase 3, located on a net area of approximately 196.5 acres targeted for a total of 86 industrial serviced lots scheduled to be launched in October 2016.