DAMAC Properties, Middle East’s largest private sector developer has signed an agreement worth Dh 448 million ($122m) with UEM Land Berhad, the developer of Nusajaya, the largest integrated urban development in South East Asia.

The development is in Puteri Harbour, an integrated waterfront and marina development based in Iskandar, Malaysia. It will have a total mixed-use development area of 8m sq ft and provide a panoramic view of the Strait of Johor that separates the Malaysian state of Johor from Singapore.

Commenting on the sales and purchase agreement, DAMAC Holding chairman Hussain Sajwani said: “We are very optimistic about our investments and are extremely happy to enter into this agreement. Once complete, Puteri Harbour will be a luxurious lifestyle community that will redefine luxury living and provide boundless real estate benefits to a wise investor. The impressive growth potential in the country can be gauged from the fact that Malaysia’s economy, which was ranked 29th globally last year, is expected to grow by at least 6 per cent this year. Our investment in Malaysia is part of our strategic growth plans across the globe.”

DAMAC Properties will purchase three parcels of land totalling 43.6 acres that forms a part of Puteri Harbour. The development will consist of commercial and residential segments and a private marina with a projected gross development value of Dh 4.4 billion.

UEM Land‘s managing director Wan Abdullah Wan Ibrahim said, “We are delighted that a global conglomerate has chosen to invest in Puteri Harbour. It is an astute investment given the strong investment potential of Puteri Harbour and Nusajaya, the regional city. Early developers will obviously experience better upside once the regional city comes alive by 2011. With commitments made by DAMAC and other developers, we expect that this will spur greater interest from other potential investors.” 

“UEM Land’s priority is to achieve our mission of Nusajaya coming alive by 2011. To achieve this, we have adopted a strategy of concurrent developments within Nusajaya by multiple world-class developers. This investment by DAMAC is thus another milestone in achieving our aim,” he added.

DAMAC Properties CEO Peter Riddoch said: “Value of properties developed by DAMAC have very high appreciation value because we always carefully select our investments and our strong commitment to building up great long term customer relationships.”

“We are very excited about our role in the development of UEM Land’s vision for Puteri Harbour. As the largest private master developer in the Middle East, DAMAC already has 670m sqft. of development across seven countries under management. Our plan in Nusajaya is just another example of our pursuit of providing our customers with the highest levels of luxury.”

Nusajaya, with its seven signature developments, is positioned as the world in one city and poised to become a regional city. This world-class regional city that enhances and enriches the quality of life for Nusajaya’s residents who live, work and play here is rapidly taking shape.

Work on the Inner Lagoon of Puteri Harbour waterfront development is completed and the marina is expected to receive its first boat by the end of this year, complete with a clubhouse catering to the needs of the seafarers and Promenade for the general public.

In April, UEM Land unveiled its Nusajaya Security Master Plan for the entire city, as part of its strategy to meet and exceed investor expectations of a safe and secure city. – TradeArabia News Service