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Tuesday, November 10, 2009

Nusajaya to get RM350m theme park

Property developer UEM Land Bhd is selling two parcels of land totalling 1.68 ha in Puteri Harbour, Nusajaya, Johor, for RM26.7 million.

A sale and purchase agreement was signed between Bandar Nusajaya Development Sdn Bhd and Themed Attractions and Resorts Sdn Bhd (TAR), a wholly-owned subsidiary of Khazanah Nasional Bhd, yesterday.

In addition, a development management service agreement signed with TAR saw UEM Land being appointed as the development manager to supervise, manage and oversee the overall development of the land.

A condition of the deal is that TAR will develop the land into an indoor theme park, retail centre and hotel within four years from the date of the agreement.
Construction on the RM350 million indoor theme park is to start in the middle of next year, with completion expected by the end of 2012.

TAR was incorporated in June 2009 to develop and operate themed attractions and resorts to enhance the leisure and tourism industry in Malaysia, with a special focus on families.

UEM Land said it has identified strategic partnership with reputable developers as a key strategy to accelerate the development of Nusajaya and Puteri harbour.

The proposed development concept for the land by TAR is in line with UEM Land's overall vision for Puteri Harbour.

The proposed indoor theme park, retail centre and hotel are expected to create commercial activities and spillover effect that will add value to Puteri Harbour.

TAR is currently managing two projects, namely Kidzania in Kuala Lumpur and Family Indoor Theme Park in Puteri Harbour, Johor.

In a statement released last Sunday, TAR chief executive officer and managing director Tunku Datuk Ahmad Burhanuddin said he expects 400,000 visitors at the indoor theme park in the opening year itself.

He said the project has the capacity to further stimulate Johor's economy and will benefit people through the creation of 1,000 job opportunities.

Last Saturday, TAR entered into a strategic alliance with five partners for the integrated four-storey family indoor theme park.

By Business Times

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