Share
KUALA LUMPUR: UEM Land Bhd (UEM), the master developer of Nusajaya, will jointly develop the second mixed development project in Puteri Harbour with United Malayan Land Bhd (UMLand).
The project will be undertaken by Nusajaya Consolidated Sdn Bhd (NCSB), a 50/50 joint venture company of UEM and UMLand, it said in a press release on Thursday, Dec 23.
UEM signed a Sales & Purchase Agreement (SPA), valued at RM49.6 million with NCSB as the latter opting to exercise its option to purchase the second parcel measuring 6.698 acres in Puteri Harbour following its first purchase of a 2.204-acre tract in November 2009. The acquisition was pursuant to the exercise of the option given to NCSB to purchase Commercial South 3 ("Parcel CS3") at Puteri Harbour.
"We are excited with the exercise of the option and the SPA as it re-affirms UMLand's commitment and belief towards the overall development potential of Puteri Harbour. We have enjoyed a strong working relationship with UMLand in the development of Parcel A3 and are pleased with the progress achieved for Parcel A3, which we hope to introduce to the market in 2011," said Datuk Wan Abdullah Wan Ibrahim, managing director and chief executive officer of UEM.
The Parcel CS3 is located within the Commercial South development of Puteri Harbour, which is envisioned to be a business and residential hub with high towers overlooking the marinas of Puteri Harbour. International investors are expected to form the bulk of buyers for the condominiums, while the offices will target regional companies.
Based on preliminary feasibility study, the development is expected to generate a gross development value of about RM670 million and gross development profit of about RM160 million. The development is expected to be completed within four years from the completion of the SPA.
"With all the development activities picking up in Nusajaya, this joint project is timely and augurs well with UMLand's business plans and strategies. This development is expected to contribute to UMLand's group financial earnings from financial year 2012 onwards," said Pee Tong Lim, UMLand group's chief executive officer.
He added "With UMLand's involvement in the development, it will contribute to realising our vision to develop Puteri Harbour as a premier waterfront destination for the region."
UEM has targeted Nusajaya to come alive by 2012. To achieve this, UEML has adopted a strategy of concurrent developments within Nusajaya by multiple world-class developers.
Formed in October 2008, NCSB enables both companies to combine their expertise to develop waterfront properties in Puteri Harbour. NCSB is presently developing boutique waterfront apartments scheduled to be launched in 2011.
The project will be undertaken by Nusajaya Consolidated Sdn Bhd (NCSB), a 50/50 joint venture company of UEM and UMLand, it said in a press release on Thursday, Dec 23.
UEM signed a Sales & Purchase Agreement (SPA), valued at RM49.6 million with NCSB as the latter opting to exercise its option to purchase the second parcel measuring 6.698 acres in Puteri Harbour following its first purchase of a 2.204-acre tract in November 2009. The acquisition was pursuant to the exercise of the option given to NCSB to purchase Commercial South 3 ("Parcel CS3") at Puteri Harbour.
"We are excited with the exercise of the option and the SPA as it re-affirms UMLand's commitment and belief towards the overall development potential of Puteri Harbour. We have enjoyed a strong working relationship with UMLand in the development of Parcel A3 and are pleased with the progress achieved for Parcel A3, which we hope to introduce to the market in 2011," said Datuk Wan Abdullah Wan Ibrahim, managing director and chief executive officer of UEM.
The Parcel CS3 is located within the Commercial South development of Puteri Harbour, which is envisioned to be a business and residential hub with high towers overlooking the marinas of Puteri Harbour. International investors are expected to form the bulk of buyers for the condominiums, while the offices will target regional companies.
Based on preliminary feasibility study, the development is expected to generate a gross development value of about RM670 million and gross development profit of about RM160 million. The development is expected to be completed within four years from the completion of the SPA.
"With all the development activities picking up in Nusajaya, this joint project is timely and augurs well with UMLand's business plans and strategies. This development is expected to contribute to UMLand's group financial earnings from financial year 2012 onwards," said Pee Tong Lim, UMLand group's chief executive officer.
He added "With UMLand's involvement in the development, it will contribute to realising our vision to develop Puteri Harbour as a premier waterfront destination for the region."
UEM has targeted Nusajaya to come alive by 2012. To achieve this, UEML has adopted a strategy of concurrent developments within Nusajaya by multiple world-class developers.
Formed in October 2008, NCSB enables both companies to combine their expertise to develop waterfront properties in Puteri Harbour. NCSB is presently developing boutique waterfront apartments scheduled to be launched in 2011.
SHARE
