KUALA LUMPUR: The master developer of Nusajaya in Johor, UEM Land Sdn Bhd, signed an agreement with Dubai World’s unit, Limitless Holdings Pte Ltd, on Wednesday to form a special purpose vehicle (SPV) to undertake the development of the Residential North Precinct in Puteri Harbour, Nusajaya.
The subscription and shareholders agreement and development agreement will see the SPV, Haute Property Sdn Bhd, undertake the 111 acres of development with an initial investment of RM241.8 million.
Under the SSA, Limitless will hold the majority share of 60% of Haute Property and UEM Land will hold the remaining stake.
Residential North Precint is positioned to be an exclusive high-end residential enclave located at the northernmost section of Puteri Harbour. It will feature a mix of distinctive landed canal front homes with individual berthing, and highend condominiums that will be the first premier waterfront real estate enclave for Nusajaya and in the country.
UEM Land’s managing director Wan Abdullah Wan Ibrahim said the venture will help Nusajaya achieve its objective of becoming a world-class integrated urban development.
By Bernama
Friday, December 21, 2007
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