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Saturday, February 16, 2008

Big jump in revenue from sales at property unit

KUALA LUMPUR: UEM Land Sdn Bhd, which will be listed in September should the restructuring exercise it will undergo soon pass through smoothly, has a lot of work in hand.

It is the master developer of the 24,000-acre Bandar Nusajaya located in Gelang Patah in southwestern Johor.

Bandar Nusajaya is also in the heart of the Iskandar Development Region (IDR) and UEM Land is currently developing 11,000 acres of the land.

According to UEM Land managing director Wan Abdullah Wan Ibrahim at a media briefing yesterday, the company has seen substantial improvement in revenue from sales of residential units, industrial plots and sale of land to other developers for co-development purposes.

“Our growth strategy is to create a nucleus for the IDR via seven catalyst development projects.

“They comprise a resort, Puteri Habour, Johor State New Administration Centre, Southern Industrial and Logistics Clusters, EduCity, MediCity and Nusajaya Residences,” he said.

For the residential components, UEM Land is in a joint venture with Limitless LLC, a unit of Dubai World, for the development of a 111-acre project in Puteri Harbour comprising 900 waterfront homes.

It is also in a joint venture with Gamuda Bhd to develop the 1,200-acre Horizon Hills, which includes 12-gated precincts.

The company is directly developing the 250-acre Nusa Idaman, the bungalow-only 360-acre Ledang Heights and the 365-acre East Ledang, a gated community to be launched next week.

Wan Abdullah also said 600 acres of the Southern Industrial and Logistics Clusters would be ready for their purchasers to build factories before the end of the year.

By The Star (by Fintan Ng)

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