Thursday, 3 May 2012

UM Land to lease property to Pegasus

KUALA LUMPUR (May 3) : UNITED MALAYAN LAND BHD [] (UM Land) plans to develop a school within a four ha (10.35 acre) freehold tract within Johor’s Iskandar Malaysia enclave and, subsequently, lease the tract and facility to an education services provider.

In a statement to the bourse, UM Land said it has formalised arrangements with Pegasus Education Group (M) Sdn Bhd which will have the option to purchase the land and education facility.

UM Land said it has signed a land lease and option to purchase property agreements with Pegasus on Thursday. Under the lease agreement, Pegasus will lease the tract for RM1.1 million a year for the first three years, after which, the rental rate will be reviewed for upward revision every three years.

UM Land said the school will be constructed in five phases over eight years till 2020.

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