UEM to build $448m worth homes with Dubai World

NEW YORK — UEM World Bhd., overseeing Malaysia's biggest property project in the southern state of Johor, agreed to build luxury homes valued at 1.5 billion ringgit ($448 million) at the development with Dubai World.

By (Bloomberg)

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Published: Thu 20 Dec 2007, 9:58 AM

Last updated: Sat 4 Apr 2015, 9:41 PM

The company's UEM Land Sdn. unit agreed to form a joint venture with Limitless Holdings Pte, a unit of Dubai World, to develop the project at Puteri Harbour on the southwest tip of Malaysia, it said in a statement yesterday in Kuala Lumpur.

"We aim to attract the rich and famous, the fashionistas" as well as the well-heeled'' from the region, Wan Abdullah Wan Ibrahim, managing director of UEM Land, said in a speech.

The Puteri Harbour, north of Singapore, is part of a new city called Nusajaya being developed by UEM that includes homes, offices, a hospital and a university.

The two companies, through the joint venture called Haute Property Sdn., will build luxury homes and condominiums on 111 acres of land in Puteri Harbour. Dubai World will own 60 per cent of Haute and UEM the rest.

Work on the luxury homes will begin in the second half of next year and the project will be completed in 2013, UEM said. UEM and Limitless may use a combination of cash and debt to fund the project, UEM said.

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