UM Land gains on Johor property plan

United Malayan Land Bhd (UM land), a property developer, gained 1.2 per cent to RM1.76, set for its highest close since November 24.

The company said its joint venture, Nusajaya Consolidated Sdn Bhd, has exercised an option to buy a 6.7-acre land in Puteri Harbour in Johor state for RM49.6 million.

The joint venture plans an office, residential and retail project on the land worth RM670 million in gross development value, according to a company statement.

By Bloomberg