UEM Sunrise extends JV agreements to build Motorsports City to year-end

UEM Sunrise Bhd – the property development arm of UEM Group Bhd – has announced the second extension for the fulfillment of the conditions precedent for the joint-venture agreement (JVA) and sale and purchase agreement (SPA) relating to the development of Motorsports City in Nusajaya, Johor, until December 31, 2014.

In an announcement to Bursa Malaysia, UEM Sunrise said three of the condition precedents “have yet to be fulfilled”, which include (i) the issuance of the new land title in the name of FASTrack Iskandar Sdn Bhd; (ii) approval from the Economic Planning Unit with respect to subscription of shares by FASTrack Autosports (Iskandar) Pte Ltd in FASTrack Iskandar; and (iii) satisfactory results of due diligence performed on FASTrack Iskandar.

To recap, UEM Sunrise had on December 4, 2012, announced it plans to build the Motorsports City on 270 acres of land in Nusajaya.

However, the group had on June 5 announced the extension of the agreements to September 30. – The Edge Malaysia, October 1, 2014.