UEM LAND Sdn Bhd, a wholly owned unit of UEM World Bhd, and Gamuda Bhd have entered into a 50:50 joint venture (JV) for the development of 1,200 acres in Bandar Nusajaya, Johor, into a mixed residential development.

UEM Land, through its subsidiary, Bandar Nusajaya Development Sdn Bhd, is the master developer of Bandar Nusajaya that spans more than 23,000 acres. Some 4,500 acres have already been developed with 12,000 homes completed to-date.

The JV agreement was signed in Kuala Lumpur yesterday. UEM Land was represented by UEM group managing director and chief executive officer Datuk Ahmad Pardas Senin while Gamuda was represented by managing director Datuk Lin Yun Ling.

According to Ahmad Pardas, the JV would further strengthen UEM Land’s position as a developer and help realise the potential of the group’s biggest asset, Bandar Nusajaya, that still has some 17,000 acres undeveloped.

Datuk Ahmad Pardas (left) exchanging documents with Datuk Lim Yun Ling. Witnessing the event are UEM World chairman Datuk Abu Hassan Kendut (second from left) and Gamuda chairman Tan Sri Talha Mohd Hashim.

''The whole development will be about eight to 10 times the size of Subang Jaya and will be worth some RM5bil to RM6bil upon completion,'' he added.

The development with Gamuda, to be undertaken in the next 10 to 15 years, will comprise 6,000 residential and commercial units, an 18-hole golf course and a club house, for a gross development value of some RM2.5bil. The project is expected to kick off at the year-end.

Lin said the development would be based on a ''ground-breaking concept'' that would set new benchmarks in luxury, aesthetics and innovative living, with the aim of building a premier resort in the region.

Meanwhile, on UEM group’s construction activities, Ahmad Pardas said the group was negotiating with the relevant authorities to undertake the Penang Bridge expansion. The project is estimated to cost some RM400mil to RM600mil.

Source : The Star 17/06/05