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KUALA LUMPUR: Encorp Bhd, through Encorp Iskandar Development Sdn Bhd (EIDSB), has entered into a sales and purchase agreement with UEM Land to acquire a commercial tract in Puteri Harbour, Nusajaya for RM25.9 million.
The 3.3-acre land has been slated for a mixed development with a projected gross development value of RM330 million. It will comprise commercial and residential components including condominiums, avant garde offices and retail outlets.
EIDSB has been set up by Encorp to tap into business opportunities in Iskandar Malaysia.
“This initial projection (of RM330 million in GDV) is quite conservative and we will most probably see the figures grow as the project development takes shape,” Encorp executive chairman Datuk Sri Effendi Norwawi said in a press release on April 22.
He is confident of the potential of Puteri Harbour given its location, accessibility, excellent infrastructure, ambience, the uniqueness of a waterfront development within a regional city as well as the government’s strong commitment towards the development of the Iskandar Region.
UEM Land is equally excited with the proposed mixed development. Its managing director Datuk Wan Abdullah Wan Ibrahim expected the project to create buzz and spillover effects.
“We are delighted to have secured Encorp’s agreement to invest in Puteri Harbour. With Encorp coming on board and with the development of the Family Entertainment Centre and Hotel by Theme Attractions & Resorts Sdn Bhd and a luxurious boutique apartment and retail complex by Nusajaya Consolidated Sdn Bhd with UM Land, we are well on our way to develop Puteri Harbour as a premier waterfront destination for the region,” added Wan Abdullah in the same statement.
Some of the major ongoing developments in Nusajaya are the Legoland, federal government offices and an indoor theme park. All these are expected to be completed by 2012.
Puteri Harbour won the Best Master Plan category of the FIABCI (International Real Estate Federation) Malaysia Property Awards 2009.
