UEM Land Holdings Bhd has proposed to develop a high-end residential resort surrounding two golf courses in Desaru, Johor, and a beach club to cater to the residents.
The project will be undertaken in collaboration with wholly-owned subsidiaries of Desaru Development Holdings One Sdn Bhd (DH1), a subsidiary of Desaru Development Corporation Sdn Bhd (DDC).
"The proposed development will be undertaken via 51 per cent-owned subsidiaries of UEM Land (Dev Cos)," CIMB Investment Bank Bhd said said in a filing on behalf of UEM Land with Bursa Malaysia today.
The proposed development will be undertaken in respect of land parcels to be acquired by Dev Cos with an aggregate gross area of approximately 678.70 acres (274.7 hectares) and at a purchase consideration of RM485.3 million.
"The proposal is in line with the UEM Land Group’s continuous effort in sourcing new land bank and property development opportunities to improve and sustain its long-term earnings growth," the investment bank said.
Desaru is expected to be earmarked as the leisure and tourism region for Johor, offering an integrated resort lifestyle experience with world-class leisure and tourism accommodation, entertainment and attraction.
Such development of Desaru as an international tourist destination will be spearheaded by Khazanah Nasional Bhd via DDC.
Khazanah’s masterplan for Desaru involves the proposed development of international hotels with renowned operators such as Aman Resorts, Sheraton and the Datai, two world championship golf courses designed by distinguished golfers, Ernie Els and Vijay Singh (i.e. South Course and North Course), convention centre, themed attraction parks as well as other commercial and retail components.
The recent completion of the final 27-km highway stretch of the Senai-Desaru Expressway in June 2011, which now allows for reduced travel time between Johor Baru and Desaru, is expected to act as a catalyst for the development in the area.
Based on the UEM Land Group’s preliminary feasibility and concept plans for the project, the proposed development is estimated to have a gross development
value of approximately RM5.4 billion and is expected to contribute positively to its future earnings the group.
Subject to the necessary development approvals being obtained, the UEM Land Group targets to commence the proposed development by 2013 with completion of
the final phase within 20 years thereof.
By Bernama
Monday, June 11, 2012
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