UM Land in RM718m JV project in Pulai

KUALA LUMPUR: United Malayan Land Bhd (UMLand) is teaming up with Tradewinds Johor Sdn Bhd to undertake a RM718 million mixed development project in Pulai, Johor.

UM Land said on Oct 1 the proposed development was estimated to take five years with a gross development value (GDV) of RM718 million.

"The acquisition of the land is in line with UMLand group's business plan to invest in niche developments on a joint venture basis with strategic partners to serve as a growth catalyst and providing the group with future income stream," it said.

UM Land's group chief executive officer Pee Tong Lim the development would also complement and enhance contributions from existing townships and niche developments.

"With the continuous effort and support of the Government to propel Iskandar Malaysia as the ideal investment hub in the southern region, Iskandar Malaysia offers vast opportunities for growth and expansion," he said.

Earlier, UMLand shareholders had, during its EGM, approved the purchase of a 629.25-acre (254.5 ha) parcel of freehold land in Bandar Pulai Jaya, for total cash consideration of RM233.0 million.

The land is for a proposed mix development comprising industrial and technology parks, commercial, logistics and transportation hubs as well as supporting residential components.

At the EGM, shareholders also approved UMLand's proposal to jointly develop the land with Tradewinds Johor via a 51:49 joint venture, Extreme Consolidated Sdn Bhd. UMLand will be taking the lead in this proposed development.

Pee said due to the land's strategic location at the intersection of the North-South Highway and the Second Link Highway, and easy access from main transportation hubs such as the Senai International Airport, Port of Tanjung Pelepas and Singapore Tuas Checkpoint, the commercial and industrial development potential of the land was further enhanced.

"This planned development is expected to generate profits of about RM262 million over a period of five years,"  Pee added.

UMLand's other ongoing developments within Iskandar Malaysia include Bandar Seri Alam, a township exceeding 3,700 acres and Taman Seri Austin, a 500-acre township both near Johor Bahru and the Eastern Gate Development.