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Friday, January 16, 2009

More residential units in store for Nusajaya

PETALING JAYA: UEM Land Holdings Bhd has lined up a wide range of residential units this year in Nusajaya, Johor as it expects Iskandar Malaysia to continue attracting investors despite the generally cautious property market in the country.

Managing director and chief executive director Wan Abdullah Wan Ibrahim said UEM Land would develop new phases at its existing projects in Nusajaya.

Wan Abdullah Wan Ibrahim

“These include 450 bungalows and semi-detached (houses) in East Ledang, 300 mid-market housing units in Nusa Idaman and Horizon Hills. We also expect to launch high-end condominiums near East Ledang, commercial units in Nusajaya Industrial Park Phase 2, and the commercial and canal homes units in Puteri Harbour,” he said in an interview.

Wan Abdullah said despite the current economic situation, he expected the company to record reasonable sales.

He said the group was looking to acquire more land in well-established areas such as the Klang Valley and Penang.

In December, UEM Land had proposed to acquire 98.04 acres in Sepang, Selangor for RM102.5mil from Cyberview Sdn Bhd and Setia Haruman Sdn Bhd.

The proposed acquisition would be funded entirely by internal funds,

“We have close to 10,000 acres in Nusajaya and this gives us the flexibility to adapt as demand changes. Because of our strategic location, we (our development) can cater to both regional and local markets,” said Wan Abdullah.

Wan Abdullah said UEM Land, being the master developer of Nusajaya, could reach out to many different target segments, including strategic partners and property investors. “The strategic partners can add value and excitement to the development,” he said.

Nusajaya also benefited from excellent infrastructure while the company had strong balance sheet with low leverage, he added.

UEM Land had also undertaken a corporate exercise to raise RM1.25bil and this was expected to be completed by March.

Wan Abdullah said the RM1.25bil would be used to develop the 688-acre Puteri Harbour and Phase 2 of the 1,300-acre Southern Industrial and Logistics Clusters.

“We are not facing any difficulty (in financing) yet due to our low gearing ratio and being part of UEM Group Bhd,” he said.

Nusajaya spans over 23,875 acres and has been identified by the Government as one of the five zones of Iskandar Malaysia. Upon its completion in 2030, Nusajaya would comprise a range of high quality development including Federal and State Government offices, residential, industrial park, medical park and resort.

By The Star (by K.C.Law)

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