SINGAPORE: UEM Land Holdings Bhd will be launching its new multi-billion ringgit integrated mixed development project known as Nusajaya Gateway this year.
Managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said the 1,821 ha parcel would be the last “remaining big fat land” slated for development in Nusajaya.
He said the company had presented the development plan to Johor Mentri Besar Datuk Abdul Gani Othman and the state planning unit and that the Johor government had given the nod the the project.
“The development will keep us busy for the next 25 years with an estimated gross development value (GDV) of about RM18bil as of to date,'' said Wan Abdullah.
He was speaking at a press conference on the opening of the UEM Land Property Gallery in Heritage Place here yesterday.
Wan Abdullah said however, the company would review the GDV from time to time.
He added that it would probably be higher than the estimated figure in years to come.
He said the land was located just few metres away from the Sultan Abu Bakar Custom, Immigration and Quarantine (CIQ) Complex at Tanjung Kupang in Gelang Patah.
Wan Abdullah said the land was divided into two parts with the large parcel located on the left side of the CIQ for motorists coming from Tuas in Singapore and the other parcel was on the right side of the complex.
“We have identified several catalytic projects on the land and these include education, eco-tourism and leisure,'' he said but declined to give details on the other signature developments.
Wan Abdullah added that Nusajaya Gateway's signature development would be different than those at Nusajaya presently but they would be complementing instead of competing with each other.
He said the development would comprise of residential and commercial properties with low and high-density living and that focus would be given on preserving the area as it is located near to mangrove area of Ramsar site.
Meanwhile, a senior official with UEM Land told StarBiz that the company was currently talking with several local and foreign investors who had expressed their interest in the project.
“By having joint-venture with other parties, it will help to fast track the development as they could bank on each other strength in undertaking the project,'' said the official. The official added that Nusajaya Gateway's close proximity to the Second Link Crossing and Tuas checkpoint would be an added advantage in marketing the project for Singaporeans and foreigners living in the republic.
By The Star
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