It has been revealed that UEM Land has completed several agreements over the past week with companies from Malaysia, Singapore, South Korea and China. To expand phase two of its development? of Bandar Nusajaya in Johor, UEM Land Holdings Bhd, the property development section of UEM Group Bhd, has signed agreements worth approximately RM4 billion (US$1.31 billion) with six different companies. The companies include Iskandar Developments Bhd (IIB), Telekom Malaysia Bhd (TM), China Mall Holdings Pte Ltd, Fastrack Pte (Singapore) and Centios and Cisco (South Korea).
At the World Islamic Economic Forum, it was announced that there would be four rounds of exchanging documents between UEM Land and the other companies involved. UEM Land is first expected to exchange documents with China Mall, followed by IIB and TM in the second round , Fastrack in the third round, and finally with TM, Centios and Cisco in the fourth round.
Nusajaya is Malaysia?s first economic growth corridor in Johor, in addition to being one of the flagship zones of Iskandar, Malaysia. UEM Land is the chief developer of Nusajaya, Malaysia?s biggest real estate development, and is building homes, offices, hotels, hospitals, factories, theme parks and campuses there.
According to the Business Times, the new agreements are significant for UEM Land, as the first phase of the Bandar Nusajaya project has now reached a critical point after six years of development. Developments under the first phase included the construction of? Kota Iskandar, which will become Johor?s new administrative centre, Legoland Malaysia and Puteri Harbour Family theme parks.
To propel development at Nusajaya, in October UEM Land completed a deal with Singapore?s Ascendas Land International Pte Ltd to co-develop a RM3.76 billion (US$1.23 billion) technology park project.? The new park is set to be built in Gerbang Nusajaya, a 1,800ha greenfield development worth RM18 billion (US$5.91 billion)
For the first nine months of 2012, UEM Land?s net profit increased by 53.4 percent to RM247.1 million (US$81.2 million) on revenues of RM1.24 billion (US$407 million).
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