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Friday, June 10, 2011

UEM, Iskandar in RM850mil Nusajaya development project

Johor project: Wan Abdullah, Iskandar Investment president/CEO Datuk Syed Mohamed Syed Ibrahim and UEM Land Holdings chairman Tan Sri Ahmad Tajuddin Ali discussing the project after the signing ceremony.

KUALA LUMPUR: UEM Land Holdings Bhd, the real estate investment and development company of UEM Group, is collaborating with Iskandar Investment Bhd, the main property developer for Iskandar Malaysia, to develop retail and residential units in Nusajaya, Johor with a gross development value of RM850mil.

Both parties signed a shareholder agreement yesterday through their subsidiaries UEM Land Bhd and Iskandar Harta Holdings Sdn Bhd.

UEM Land Holdings managing director/chief executive officer Datuk Wan Abdullah Wan Ibrahim said a new company called Nusajaya Lifestyle Sdn Bhd had been formed to develop and manage the project.

“UEM Land owns 55% equity interest in that company while the remaining is under Iskandar Harta,” he said at a press conference after the signing ceremony.

Wan Abdullah said the project, known as Lifestyle Retail Mall and Residences @ Medini North, is located in Medini North, Nusajaya on 35 acres which Nusajaya Lifestyle had bought earlier at a cost of RM100mil.

“The entire development will have a total gross floor area (GFA) of 2 million sq ft combining colonnade-style retail outlets, entertainment facilities, shopping mall and service apartments,” he said.

He added that phase 1A of the project, which comprised colonnade-style retail outlet and alfresco dining with GFA of 200,000 sq ft would be completed in September 2012.

“A large-scale quality retail offering is an integral part of any urban development as it will improve the quality of life and boost the demand and value of surrounding properties,” he said.

Wan Abdullah said the overall development of the project was expected to be completed in eight years and the project was part of the group's plan to build up its recurring income portfolio to weather the downside of the market.

By The Star

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