KUALA LUMPUR: Encorp Bhd is acquiring 3.3 acres of commercial land parcel in Puteri Harbour, Nusajaya for RM25.9 million for a mixed commercial and residential development project with gross development value of RM330 million.
Its unit Encorp Iskandar Development Sdn Bhd had on Thursday, April 22 signed a sale and purchase agreement with UEM Land Bhd to acquire the land in Puteri Harbour, Nusajaya.
Encorp's plan is to use Encorp Iskandar to venture into more business opportunity and potential land acquisitions in Iskandar Malaysia.
What it hopes to achieve is in line with its successful Encorp Strand in Kota Damansara and Encorp Cahaya Alam where it will build condominiums, offices and retail destinations for consumers who prefer to live within a commercial centre.
Encorp executive chairman Datuk Seri Effendi Norwawi was confident Puteri Harbour was the right move in its expansion as it ventures into new strategic locations in a new growth phase.
"Puteri Harbour has the advantage of location, accessibility, excellent infrastructure, ambience, the uniqueness of a waterfront development within a regional city and is backed by strong government commitment for the development of Iskandar Region.
"Our projected GDV for this development is RM330 million. This initial projection is quite conservative and we will most probably see the figures grow as the project development takes shape," he said.
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