Nusajaya to develop RM670m project

PETALING JAYA: Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture between UEM Land Bhd and United Malayan Land Bhd (UMLand), will develop 6.7 acres in Nusajaya, Johor, into a mixed development project with a gross development value of RM670mil.

UMLand said in a statement to Bursa Malaysia that NCSB yesterday signed an agreement with Bandar Nusajaya Development Sdn Bhd to acquire the freehold land in Nusajaya for RM49.6mil in cash.

The proposed development, to comprise commercial, residential and retail components, will be developed over four years and is expected to yield a gross profit of RM160mil.

It is located in Puteri Harbour, an integrated waterfront and marina development spanning 278.42ha within Nusajaya and Iskandar Malaysia.

At present, NCSB is developing boutique waterfront apartments in Puteri Harbour scheduled for launch next year.

Following the purchase of 0.89ha in November 2009, NCSB has now exercised its option to buy the second parcel.

UMLand said the land and development costs would be financed through internally generated funds and/or bank borrowings.

By The Star