UMLand andTradewinds Johor team up
02 October 2009 , By Business Times
PROPERTY developer United Malayan Land Bhd (UMLand) (4561)has teamed up with Tradewinds Johor Sdn Bhd to jointly develop a RM718 million mix-used development in Bandar Pulai Jaya, Johor.
Under the deal, UMLand will hold a 51 per cent stake in the joint-venture company called Extreme Consolidated Sdn Bhd, while Tradewinds Johor will take the rest.
UMLand yesterday received shareholders' nod to buy the 254.5ha land for RM233 million cash.
The proposed mix development will feature industrial and technology parks, commercial, logistics and transportation hubs and supporting residential components. It is estimated to take five years to complete.
This planned development is expected to generate profits of about RM262 million over a period of five years.
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