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Tuesday, September 30, 2008

Puteri Harbour: UEM in talks with overseas investors

TALKING SHAPE: Work in progress at the 279ha Puteri Harbour at Nusajaya.

UEM Land Bhd is talking to investors in South Korea and South Africa to develop some components of its multi-billion ringgit integrated waterfront and marina development in Nusajaya, south of Johor.

Dubbed Puteri Harbour, the 279ha development features high and low-rise residences, bungalows, corporate towers, retail shops, and five-star resorts, among others.

"Developments at Puteri Harbour are shaping fast. We are talking to a few foreign investors and local listed developers to make investments here. They have expressed interest and there will be some announcements this year," UEM Land Sdn Bhd deputy senior manager, commercial development, Tan Li-Ann said.

Tan declined to name these parties. She spoke to Business Times during a site visit to Puteri Harbour yesterday.

UEM has so far signed two joint venture agreements with companies from the United Arab Emirates to make investments in Puteri Harbour.

The first is with Limitless LCC to develop a RM1.6 billion project comprising of canal homes (bungalows, townhouses and high-end serviced apartments) on 44.4ha and the second with Damac Properties LLC to develop a RM3.8 billion project comprising offices and luxury condominiums on 17.2ha.

By New Straits Times

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