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Friday, July 9, 2010

Bandar Raya takes over as UEM partner

Bandar Raya Developments Bhd, a Malaysian developer, said it will replace Dubai World’s Limitless Holdings Pte Ltd as UEM Land Bhd’s partner for a residential project in the country’s southern Johor state.

It will buy Limitless’s 60 per cent stake in Haute Property Sdn for a nominal sum and reimburse the Middle East company RM76 million, according to an exchange filing late yesterday. Haute Property is a special-purpose vehicle set up to undertake the development in Puteri Harbour, Nusajaya.

By Bloomberg

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