By NNN-Bernama
Kuala Lumpur : The master developer of Nusajaya in Johor, UEM Land Sdn Bhd has inked an agreement with Dubai World’s unit, Limitless Holdings Pte Ltd, to form a special purpose vehicle (SPV) to undertake the development of the Residential North Precinct in Puteri Harbour, Nusajaya.
The subscription and shareholders agreement (SSA) and development agreement (DA) signed today will see the SPV, Haute Property Sdn Bhd, undertake the 111 acres of development with an initial investment of RM241.8 million.
Under the SSA, Limitless will hold the majority share of 60 percent of Haute Property while UEM Land will hold the remaining stake.
Residential North Precinct is positioned to be an exclusive high-end residential enclave located at the northernmost section of Puteri Harbour.
It will feature a mix of distinctive landed canal front homes with individual berthing, and high-end condominiums that will be the first premier waterfront real estate enclave for Nusajaya and in the country.
UEM Land managing director Wan Abdullah Wan Ibrahim said this venture will better position Nusajaya towards achieving its objective of augmenting and ensuring its success as a world-class integrated urban development, whereas Limitless will extend its presence and business interest in Malaysia and the region.
The physical development of Residential North Precinct is expected to commence in the second half of next year and scheduled to be completed by 2013, with an estimated Gross Development Value (GDV) in excess of RM1.5 billion.
“But we believe with a partner like Limitless, we should be over and done with in a matter of five years, given the market reach our partner has,” Wan Abdullah told reporters after the signing ceremony.
Limitless regional director for South East Asia Philip Atkinson viewed Nusajaya which is part of the Iskandar Development Region (IDR), as one of the excellent initiatives of the Malaysian government.
Meanwhile, UEM Group managing director and chief executive Datuk Ahmad Pardas Senin said they are currently in discussion with some local public listed companies to co-develop Puteri Harbour.