KUALA LUMPUR: UEM Land Holdings Bhd's wholly-owned subsidiary, Nusajaya Premier Sdn Bhd (NPSB), has proposed to acquire 49.49 hectares of freehold land in Johor Baru from Tanjung Bidara Ventures Sdn Bhd for RM93.2 million cash.
In a filing to Bursa Malaysia yesterday, UEM Land said the proposed acquisition was conditional upon approvals being obtained from the Economic Planning Unit, Johor State Authority, Estate Land Board and any other relevant authorities.
"The land is adjacent to Kota Iskandar and the company's existing prime development in Nusajaya, Puteri Harbour," UEM Land said.
On rationale, it said the proposed acquisition would allow the group to realise its original development vision for Puteri Harbour, where high density urban waterfront precincts at the heart of public and private marinas are balanced with landed and high-rise residential precincts on both sides.
Barring any unforeseen circumstances, UEM Land expects the proposed acquisition to be completed within seven months.
By Bernama
Tuesday, April 10, 2012
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