DAMAC Properties signs agreement worth AED448 million with Master Developer of Nusajaya in Malaysia

DAMAC Properties – one of the Middle East’s largest private sector master developers – has entered into a Sales and Purchase Agreement worth AED 448 million with UEM Land Berhad, the master developer of Nusajaya – one of the largest integrated urban developments 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 8 million sq ft 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.

Commenting on the partnership with UEM Land Berhad, Hussain Sajwani, Chairman of DAMAC Holding, said, “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. 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% in 2008. Our investment in Malaysia is part of our strategic growth plans across the globe.”

As per 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 AED 4.4 billion.

Wan Abdullah Wan Ibrahim, UEM Land‘s Managing Director, said, “We are delighted that DAMAC, 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.”

Mr. Peter Riddoch, CEO of DAMAC Properties, added, “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 670 million sq. ft. of development across 7 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 there 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.

In April this year, 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.

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