Nusajaya, Thursday, 19th November 2009 – UEM Land Berhad (UEM Land), a wholly owned subsidiary of UEM Land Holdings Berhad and the master developer of Nusajaya - the key driver of Iskandar Malaysia, today entered into a Sale & Purchase Agreement valued at RM16.3 million with Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture company of UEM Land Berhad and United Malayan Land Bhd (UMLand).

Under the agreement, NCSB acquired a parcel of land in Puteri Harbour of approximately 2.204 acres for the development of boutique apartments complemented by retail components. NCSB is the JVCo established following the Subscription and Joint Venture Agreement between UEM Land and UMLand back in Oct 2008. The acquisition was pursuant to the exercise of the option given to NCSB to purchase either one or both land parcels from UEM Land exercisable by 31 December 2009. The option to purchase the remaining land parcel is still valid up to the expiry of the option.

Located within the retail crescent development of Puteri Harbour, this development is envisioned to be the pulse of activities in Puteri Harbour, with a range of F & B and retail outlets overlooking the lagoon and string of activities being held along the promenade.

Designed to be low-rise, the development will be exclusive, catering to discerning owners and investors. The boutique apartments comprise two blocks of 5-storey buildings and will have a retail space of just over 96,700 sq ft. The construction of the development will begin in 2010 and is expected to be completed by December 2012.

Wan Abdullah Wan Ibrahim, Managing Director of UEM Land Berhad says this of the partnership with UMLand, “In developing Nusajaya, UEM Land’s strategic approach is to focus our resources on the development of strategic land parcels within Puteri Harbour. Through this strategic partnership with a partner that has significant property development experience and impeccable credentials such as UMLand, UEM Land will be able to expedite the overall development of Puteri Harbour. This joint venture is in line with UEM Land’s strategy of ‘concurrent development by multiple world-class developers’ and will also unlock part of the land value.”

Group Chief Executive Officer Pee Tong Lim said, “UMLand’s strategic partnership with UEM Land augurs well with UMLand’s business plans and strategies. In line with expanding the Group’s Niche Development Division as well as recognising the vast potential of the Puteri Harbour waterfront development, we are equally confident that this strategic partnership with UEM Land to offer boutique apartments with retail components will be well received by the public. With our long established reputation and experience in residential development in Iskandar Malaysia, we will certainly be able to contribute positively towards this project and in return, this development will add credence to our expanding portfolio and generate good returns.”

This development is expected to contribute to the earnings of both UEM Land and UMLand from financial year 2010 onwards.

This press release and further information on the joint venture can be found in UEM Land Holdings’ and UMLand’s announcements to Bursa Malaysia at www.bursamalaysia.com.