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Friday, December 24, 2010

Nusajaya to develop RM670m project

PETALING JAYA: Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture between UEM Land Bhd and United Malayan Land Bhd (UMLand), will develop 6.7 acres in Nusajaya, Johor, into a mixed development project with a gross development value of RM670mil.

UMLand said in a statement to Bursa Malaysia that NCSB yesterday signed an agreement with Bandar Nusajaya Development Sdn Bhd to acquire the freehold land in Nusajaya for RM49.6mil in cash.

The proposed development, to comprise commercial, residential and retail components, will be developed over four years and is expected to yield a gross profit of RM160mil.

It is located in Puteri Harbour, an integrated waterfront and marina development spanning 278.42ha within Nusajaya and Iskandar Malaysia.

At present, NCSB is developing boutique waterfront apartments in Puteri Harbour scheduled for launch next year.

Following the purchase of 0.89ha in November 2009, NCSB has now exercised its option to buy the second parcel.

UMLand said the land and development costs would be financed through internally generated funds and/or bank borrowings.

By The Star

UEM Land in deal with Nusajaya

UEM Land Bhd, the master developer of Nusajaya, signed a sale and purchase agreement valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd, as the latter has exercised its option to buy a second parcel, measuring 2.71ha in Puteri Harbour.

Nusajaya Consolidated, a 50:50 joint venture company of UEM Land and United Malayan Land Bhd, was formed in October 2008 to develop waterfront properties in Puteri Harbour.

It purchased a 0.89ha land in November last year, with the option to purchase a second parcel.

Nusajaya Consolidated is currently developing boutique waterfront apartments, scheduled to be launched in 2011.

By Business Times

UM Land gains on Johor property plan

United Malayan Land Bhd (UM land), a property developer, gained 1.2 per cent to RM1.76, set for its highest close since November 24.

The company said its joint venture, Nusajaya Consolidated Sdn Bhd, has exercised an option to buy a 6.7-acre land in Puteri Harbour in Johor state for RM49.6 million.

The joint venture plans an office, residential and retail project on the land worth RM670 million in gross development value, according to a company statement.

By Bloomberg