UEMLAND - 5148

PROPERTY developer UEM Land Bhd is selling two parcels of land totalling 1.68 ha in Puteri Harbour, Nusajaya, Johor, for RM26.7 million. A sale and purchase agreement was signed between Bandar Nusajaya Development Sdn Bhd and Themed Attractions and Resorts Sdn Bhd (TAR), a wholly-owned subsidiary of Khazanah Nasional Bhd, yesterday.
In addition, a development management service agreement signed with TAR saw UEM Land being appointed as the Development Manager to supervise, manage and oversee the overall development of the land.
A condition of the deal is that TAR will develop the land into an indoor theme park, retail centre and hotel within four years from the date of the agreement.
Construction on the RM350 million indoor theme park is to start in the middle of next year, with completion expected by the end of 2012.