KUALA LUMPUR: UEM Land Bhd and United Malayan Land Bhd’s (UM Land) 50:50 joint venture, Nusajaya Consolidated Sdn Bhd (NCSB), which was set up last year to develop Puteri Harbour in Johor, is acquiring a 2.02-acre or 95,993-sq ft freehold land in Pulai from Bandar Nusajaya Development Sdn Bhd (BNDSB) and UEM Land for RM16.32 million cash.

The parties signed the sale and purchase agreement yesterday, pursuant to the exercise of an option agreement that was signed between them earlier.

In a statement yesterday, UM Land said the Puteri Harbour land measuring 95,993 sq ft would be developed into residential and retail components with an expected development period of four years.

It said the gross development value of the entire project was expected to be RM144 million while the gross development cost was estimated at RM112 million.


This article appeared in The Edge Financial Daily, November 20, 2009.