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Puteri Harbour Attracts Investment by Global Developer
arrow 12 June 2008

UEM Land Berhad today entered into a conditional Sales & Purchase Agreement valued at RM397 million with DAMAC Properties (Malaysia) Sdn. Bhd., a subsidiary of DAMAC Properties LLC, the real estate development unit of DAMAC Holding, which is headquartered in Dubai, UAE.

Under the agreement, DAMAC will purchase three (3) parcels of commercial land totalling approximately 43.6 acres that forms part of 688-acre Puteri Harbour development, the eminent waterfront development in Nusajaya, Iskandar Malaysia and plans to develop commercial and residential properties with a projected Gross Development Value (GDV) of approximately RM3.8 billion.

DAMAC Holding, who ranks among the largest business groups in West Asia with investments in real estate, hospitality, industrial projects, logistics, financial services and commercial trade, has a philosophy of recognizing a good idea whose time has come and making it better.

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