Damac plans investments worth Dh448m in Malaysia

Dubai: Damac Properties has entered into a sales and purchase agreement worth Dh448 million with UEM Land Berhad, the master developer of Nusajaya - the largest integrated urban development in South East Asia.

The development is based within Puteri Harbour, an integrated waterfront and marina development based in Iskandar, Malaysia.

The project will have a total mixed-use development area of eight million square feet and provides a panoramic view of the Straits of Johor - a strait that separates the Malaysian state of Johor to the north from Singapore to the south.

"We at Damac 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," said Hussain Sajwani, Chairman of Damac Holding

Under the agreement, 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 (GDV) of Dh4.4 billion.

"UEM Land's priority is to achieve our mission - for Nusajaya, the regional city, to come 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 towards achieving our mission," said Wan Abdullah Wan Ebrahim, UEM Lands Managing Director, said.

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.

To date, works 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.