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Thursday, December 20, 2007

UEM, Dubai World unit in Johor project

Joint Venture: Ahmad Pardas (left) and Atkinson addressing a press conference on the Southern Johor project yesterday

UEM Group property arm, UEM Land Sdn Bhd, and a unit of the Dubai World company will jointly develop a 44.4ha site in southern Johor with an estimated gross development value of RM1.5 billion.

UEM Land and Limitless Holdings Pte Ltd yesterday formed a 40:60 joint venture company.

Limitless has global projects worth nearly US$100 billion (RM335 billion) in Dubai, Saudi Arabia, Vietnam and India.

The company is better known for its flagship Downtown Jebel Ali, an upmarket development spanning 200ha and stretching 11km along Dubai Sheikh Zayed Road.

The joint venture, called Haute Property Sdn Bhd, will undertake the development of the Residential North precinct within the bigger Puteri Harbour development with an initial investment of RM241.8 million.

"The RM241.8 million is the land cost," UEM Land managing director Wan Abdullah Wan Ibrahim said.

He said the entire project is expected to be completed in five years. Design works are set to start next month before physical construction begins after June next year.

UEM Group managing director and chief executive officer Datuk Ahmad Pardas Senin said the Puteri Harbour development itself is an integrated waterfront and marina development on 275ha.

Pardas and Wan Abdullah both spoke to reporters after the signing of a share sale and development agreements between UEM Land and Limitless in Kuala Lumpur yesterday.

Residential North, Wan Abdullah said, is an exclusive residential enclave featuring a mix of distinctive canal-front homes with individual berthing and luxury condominiums.

"It will be the first premier waterfront real estate development for Nusajaya and in Malaysia," he said.

Limitless regional director (Southeast Asia) Philip Atkinson said it is aggressively looking for more projects in Europe, the Far East and the Gulf region, among others.

"Several projects may come to fruition in 2008," Atkinson said.

The company now has five global projects including its first international project called Halong Star in Vietnam.

By New Straits Times (by Zuraimi Abdullah)

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