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Thursday, December 23, 2010

UEM Land in RM50m pact with Nusajaya

Nusajaya master developer UEM Land Bhd has signed a sale and purchase (S&P) agreement valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd (NCSB).

NCSB is a 50:50 joint venture company of UEM Land and United Malayan Land (UM Land).

"Following the purchase of 2.204 acres in November 2009, NCSB has now exercised its option to purchase a second parcel, measuring 6.698 acres in Puteri Harbour.

"The acquisition was pursuant to the exercise of the option given to NCSB to purchase Parcel Commercial South 3 (Parcel CS3) at Puteri Harbour," UEM Land said in a statement today.

Parcel CS3 is located within the Commercial South development of Puteri Harbour.

UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said the exercise of the option and the S&P agreement reaffirmed UM Land's commitment and belief towards the overall development potential of Puteri Harbour.

"With UM Land's involvement in the development, it will contribute to realising our vision to develop Puteri Harbour as a premier waterfront destination for the region," he said.

By Bernama

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