UM Land Joint Venture With Tradewinds To Yield RM718 Million In GDV

02 October 2009 , By BERNAMA

KUALA LUMPUR, Oct 1 (Bernama) -- United Malayan Land Bhd's joint venture project with Tradewinds Johor Sdn Bhd in Bandar Pulai Jaya, Johore, is expected to yield a gross development value of RM718 million.

To be completed in five years, the proposed development will also complement and enhance contributions from existing townships and niche developments.

" The government's efforts to propel Iskandar Malaysia as the ideal investment hub in the southern region offers vast opportunities for growth and expansion," United Malayan Land's Chief Executive Officer Pee Tong Lim was quoted as saying in a statement on Thursday.

The company said shareholders, at an extraordinary general meeting, approved the purchase of 254.5 hectares of freehold land in Bandar Pulai Jaya for the proposed development.

The land is for a proposed mix development comprising industrial and technology parks, commercial, logistics and transportation hubs as well as supporting residential components.

Pee said the land acquisition was in line with the group's business plan to invest in niche developments on a joint-venture basis with strategic partners.

It will also serve as a growth catalyst and provide the group with a steady income stream for the future.