UEM Land and Limitless Holdings Pte Ltd yesterday formed a 40:60 joint venture company.
Limitless has global projects worth nearly US$100 billion (RM335 billion) in Dubai, Saudi Arabia, Vietnam and India.
The company is better known for its flagship Downtown Jebel Ali, an upmarket development spanning 200ha and stretching 11km along Dubai Sheikh Zayed Road.
The joint venture, called Haute Property Sdn Bhd, will undertake the development of the Residential North precinct within the bigger Puteri Harbour development with an initial investment of RM241.8 million.
"The RM241.8 million is the land cost," UEM Land managing director Wan Abdullah Wan Ibrahim said.
He said the entire project is expected to be completed in five years. Design works are set to start next month before physical construction begins after June next year.
UEM Group managing director and chief executive officer Datuk Ahmad Pardas Senin said the Puteri Harbour development itself is an integrated waterfront and marina development on 275ha.
Pardas and Wan Abdullah both spoke to reporters after the signing of a share sale and development agreements between UEM Land and Limitless in Kuala Lumpur yesterday.
Residential North, Wan Abdullah said, is an exclusive residential enclave featuring a mix of distinctive canal-front homes with individual berthing and luxury condominiums.
"It will be the first premier waterfront real estate development for Nusajaya and in Malaysia," he said.
Limitless regional director (Southeast Asia) Philip Atkinson said it is aggressively looking for more projects in Europe, the Far East and the Gulf region, among others.
"Several projects may come to fruition in 2008," Atkinson said.
The company now has five global projects including its first international project called Halong Star in Vietnam.
By New Straits Times (by Zuraimi Abdullah)
Property developer Glomac Bhd has more than doubled its second quarter net profit as it made more money from the Suria Stonor project and launched other new projects.
Glomac made a net profit of RM10.2 million for the quarter to October 31 2007, compared with RM4.2 million in the previous corresponding period. Revenue was up by 16 per cent to RM84 million.
Suria Stonor is now close to 90 per cent sold, with remaining units being marketed at more than RM1,300 per sq ft.
This high-end project, located in the vicinity of Kuala Lumpur City Centre, is on track to be completed by the middle of 2008. It is expected to be one of the main earnings driver for Glomac in the current financial year that ends on April 30 2008.
Glomac group executive chairman Tan Sri Mansor Fateh Din said he expects to launch RM1 billion worth of projects in the current financial year. This includes new phases in existing townships and the maiden launch of new developments.
"It has been another good quarter for us. Sales across all projects have been buoyant, particularly for our township developments in Bandar Saujana Utama and Saujana Rawang, where we have successfully built up a strong branding and track record as a developer," Mansor said in a statement yesterday.
By New Straits Times
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