Kuala Lumpur, Thursday, 22 April 2010: UEM Land Berhad, a wholly-owned subsidiary of UEM Land Holdings Berhad (“UEM Land”) and the master developer of Nusajaya - the largest integrated urban development in South-east Asia, today entered into a Sale and Purchase Agreement valued at RM25.9 million with Encorp Iskandar Development Sdn Bhd (EIDSB), a wholly-owned subsidiary of Encorp Berhad (Encorp).

Under the agreement, EIDSB will purchase a commercial land parcel in Puteri Harbour, Nusajaya measuring approximately 3.3 acres to be developed into a mixed commercial and residential development project.

EIDSB, is a newly established company by Encorp as a platform for Encorp to venture into more business opportunity and potential land acquisitions in Iskandar Malaysia. This investment by Encorp builds on the success of its Encorp Strand in Kota Damansara and Encorp Cahaya Alam and EIDSB plans to develop a hub of up market condominiums, avant garde offices and retail destinations that will cater to consumers who prefer the convenience of living within a commercial centre.

Dato Sri Effendi Norwawi, Executive Chairman of Encorp Berhad said, “We are confident that Puteri Harbour is the right move in our expansion plan as we venture out 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 objective is to provide a first-rate development of our own in line with the world-class projects that are currently being undertaken down in Puteri Harbour. Our projected Gross Development Value (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 further added.

The proposed mixed development by EIDSB is in line with UEM Land’s overall vision for Puteri Harbour and is expected to create commercial activities and spillover effects that will add value to Puteri Harbour which recently won in the Best Master Plan category of the FIABCI Malaysia Property Award 2009.

Dato’ Wan Abdullah Wan Ibrahim, Managing Director of UEM Land said, “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 realizing our vision to develop Puteri Harbour as a premier waterfront destination for the region”.

UEM Land has set a target for Nusajaya, the regional city, to come alive by 2012. To achieve this, UEM Land has adopted a strategy of concurrent developments within Nusajaya by multiple world-class developers. This investment by Encorp is thus another milestone towards achieving its mission.