UEM Land, Iskandar Investment in RM850m Nusajaya project

KUALA LUMPUR: UEM LAND HOLDINGS BHD and Iskandar Investment are teaming up to develop retail and residential units in Nusajaya, Johor with a gross development value (GDV) of RM850 million.

Both parties signed a shareholder agreement here on Thursday, June 9. Iskandar Investment oversees the Iskandar Malaysia development.

UEM Land managing director Datuk Wan Abdullah Wan Ibrahim said Nusajaya had seen significant progress with the mixed real estate projects in Nusajaya since projects were started in 1996.

"That will lead to better profits for us going forward," Wan Abdullah said.

He also said 2012 would be a "tipping point" for its development in Nusajaya within Johor's Iskandar Malaysia growth region.

By The EDGE Malaysia