UEM Land Berhad, a wholly-owned subsidiary of UEM Land Holdings Berhad (UEM Land) and the master developer of Nusajaya, entered into a Sale and Purchase Agreement valued at RM30.95 million with Terminal Perintis Sdn Bhd (TPSB), a wholly-owned subsidiary of Tiong Nam Logistics Holdings Berhad (Tiong Nam).
Under the agreement, TPSB will purchase a commercial land parcel in Puteri Harbour, Nusajaya measuring approximately 3.23 acres to be developed into a hotel and serviced apartments.
TPSB is a newly established company by Tiong Nam as its platform to venture into property related businesses in Iskandar Malaysia.
The proposed hotel and serviced apartments by TPSB is in line with UEM Land’s overall vision for Puteri Harbour and is expected to create commercial activities and spillover effects that will add value to Puteri Harbour.
UEM Land’s Director of Finance, Corporate Affairs & Investments, Mohd Zakir Omar said, “We are delighted to have secured Tiong Nam’s agreement to invest in Puteri Harbour.”
With Tiong Nam coming on board; the development of the Family Entertainment Centre and Hotel by Themed Attractions & Resorts Sdn Bhd underway; and a luxurious boutique apartment and retail complex currently in progress by Nusajaya Consolidated Sdn Bhd, a joint venture between UEM Land and United Malayan Land, as well as Encorp Berhad’s proposed development of commercial and residential components, we are well on our way to realizing our vision to develop Puteri Harbour as a premier waterfront destination for the region.”
UEM Land has set a target for Nusajaya, the regional city, to come alive by 2012.