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Wednesday, September 1, 2010

UEM Land to step up Nusajaya projects

UEM Land Holdings Bhd, the master developer for Nusajaya in Johor, says it will accelerate developments at Nusajaya City by developing large-scale catalyst projects and co-develop its present land reserves of 3,800ha with world-class developers.

The projects are expected to spur economic activity and promote further development and marketing projects, UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said.

"Our total gross development value (GDV) sits at RM12.28 billion. We are expecting more," Wan Abdullah said in an interview with Business Times recently.

"We will sell some of our land to renowned developers, investors, strategic partners and others, who will in turn develop an attractive residential, commercial and mixed-use properties," he added.
UEM Land has been selling land in Nusajaya for about RM145 per sq ft. Four months ago, it sold land to Encorp Group for RM180 psf.

The difference in pricing is due to the size of the land parcels, allowable development plot ratio and location, Wan Abdullah said.

He said UEM Land will leverage on the government's plans and the development of Medini by Iskandar Investment Bhd (IIB).

IIB, a unit controlled by state-owned investment arm Khazanah Nasional Bhd, is the catalytic developer of Iskandar Malaysia.

Wan Abdullah said the projects undertaken by IIB such as Medini, a mixed-development comprising three important clusters namely lifestyle & leisure, cultural and Iskandar financial district, are pivotal to the whole development of Nusajaya City.

Ongoing IIB projects include the Newcastle University medical faculty campus, the first out of eight tertiary faculties to open in Educity, a one million sq ft retail mall, and Legoland Malaysia.

The latter project is expected to open in 2012 with an estimated 1.2 million visitors in the first year.

"I believe Nusajaya City will do well, especially with the global economy coming out of recession. With this upward trend, the global market is large enough to support the development," he said.

By Business Times

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