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Wednesday, October 15, 2008

UEM Land, UMLand in RM840m venture

PROPERTY developer UEM Land Bhd is partnering United Malayan Land Bhd (UMLand) in an RM840 million venture to build residential, commercial and retail properties on a 3.56ha site in Puteri Harbour, Johor.

Puteri Harbour is located within the 9,712ha Nusajaya development area.

The Puteri Harbour development will feature high- and low-rise residences, bungalows, corporate towers, retail shops, and five-star resorts, among others, spanning over 278.4ha which will be developed over 10 years.

In Kuala Lumpur yesterday, both UEM Land and UMLand entered into a subscription and joint-venture agreement (SJV) as equal shareholders in a JV company, known as Nusajaya Consolidated Sdn Bhd, which will develop the 3.56ha land.

Nusajaya Consolidated has the option to buy the land from UEM Land for RM67.15 million, exerciseable within six months from date of the SJV agreement.

"Through this partnership with UMLand, UEM Land will be able to expedite the overall development of Puteri Harbour. We are certain that Nusajaya will reach the tipping point by 2011," UEM Land managing director Wan Abdullah Wan Ibrahim.

WAN ABDULLAH: We are certain that Nusajaya will reach the tipping point Bank Negara assures by 2011.

In the last one year, UEM Land has signed two joint-venture agreements with companies from the Middle East for investments in Puteri Harbour.

The first is with Limitless LCC to develop a RM1.6 billion project comprising 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.

By New Straits Times (by Sharen Kaur)

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