KUALA LUMPUR: UEM Land Bhd and UNITED MALAYAN LAND BHD [] (UMLand) are to jointly develop the second mixed development project in Puteri Harbour with an estimated gross development value of RM670 million, and gross development profit of RM160 million.
UEM Land, the master developer of Nusajaya, yesterday signed a sale and purchase agreement (SPA) valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture company of UEM Land and UMLand to acquire the parcel of land, Parcel Commercial South 3 (Parcel CS3) at Puteri Harbour.
The Parcel CS3 is located within the Commercial South development of Puteri Harbour.
Commercial South is envisioned to be a business and residential hub with high towers overlooking the marinas of Puteri Harbour.
In a joint statement Thursday, Dec 23, the companies said regional companies would be targeted to locate their offices here and international investors were expected to form the bulk of purchasers for the condominiums.
UEM Land managing director Datuk Wan Abdullah Wan Ibrahim said the company was are excited with the exercise of the option and the SPA as it reaffirmed 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.'
'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.'
Presently, NCSB is developing boutique waterfront apartments scheduled to be launched in 2011.
UMLand group chief executive officer Pee Tong Lim said that with the development activities picking up in Nusajaya, the joint project was timely and augured well with UMLand's business plans and strategies.
'This development is expected to contribute to UMLand's group earnings from financial year 2012 onwards,' said Pee.
UEM Land, the master developer of Nusajaya, yesterday signed a sale and purchase agreement (SPA) valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture company of UEM Land and UMLand to acquire the parcel of land, Parcel Commercial South 3 (Parcel CS3) at Puteri Harbour.
The Parcel CS3 is located within the Commercial South development of Puteri Harbour.
Commercial South is envisioned to be a business and residential hub with high towers overlooking the marinas of Puteri Harbour.
In a joint statement Thursday, Dec 23, the companies said regional companies would be targeted to locate their offices here and international investors were expected to form the bulk of purchasers for the condominiums.
UEM Land managing director Datuk Wan Abdullah Wan Ibrahim said the company was are excited with the exercise of the option and the SPA as it reaffirmed 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.'
'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.'
Presently, NCSB is developing boutique waterfront apartments scheduled to be launched in 2011.
UMLand group chief executive officer Pee Tong Lim said that with the development activities picking up in Nusajaya, the joint project was timely and augured well with UMLand's business plans and strategies.
'This development is expected to contribute to UMLand's group earnings from financial year 2012 onwards,' said Pee.
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