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Tuesday, June 17, 2008

UEM Land in talks develop Puteri Harbour project

KOTA KINABALU: UEM Land Bhd is in talks with three foreign parties to develop its flagship township Bandar Puteri in Bandar Nusajaya, southern Johor.

UEM Land managing director Wan Abdullah Wan Ibrahim said Monday the parties involved were from Australia, India and the United States.

“They are interested in participating in the development of Puteri Harbour,” he told reporters at the sidelines of the CEO international conference.

“It will take some time before we can announce anything. The early indications are that they are very interest. Perhaps, we can announce something by the end of the third quarter,” he said

Puteri Harbour is a 688 acre mixed development component within Bandar Nusajaya and it would comprise of residential and commercial properties.

The involvement of the foreign parties would enable UEM Land to leverage on their networks and reach to showcase the projects overseas, he said.

UEM Land has to date signed two joint ventures for the development of Puteri Harbour. The first was with Limitless LLC to develop a RM1.6bil project comprising of canal homes and condominiums on 111 acres.

The second is with Damac Properties LLC to develop a RM3.8b project comprising of offices and condominiums on 43 acres.

UEM Land has lunched three residential projects in Bandar Nusajaya in the past 2 1/2 years. Nusa Idaman comprises of medium cost homes while Horizon Hills is a gated 1,200-acre joint venture property project and East Ledang which comprises of landed properties.

By The Star

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