Kuala Lumpur, Thursday, 4 November 2010: UEM Land Berhad, the master developer of Nusajaya and Bandar Raya Developments Berhad (BRDB), a premier luxury developer in Malaysia, today entered into Supplemental Agreements to jointly develop Residential North in Nusajaya in Johor.

The agreement is following BRDB’s acquisition of a 60 percent stake in Haute Property Sdn Bhd in July this year from Dubai World’s Limitless Holdings Pte Ltd. With the completion of the acquisition on 2 November 2010, BRDB via its wholly owned subsidiary, Ardent Heights Sdn Bhd, has replaced Limitless as UEM Land Berhad’s partner in Haute Property for the development of the project.

Haute Property which was formed in December 2007 is a special-purpose vehicle set up to undertake the development of Residential North in Puteri Harbour, Nusajaya.

Managing Director and Chief Executive Officer of UEM Land Holdings Berhad, Dato’ Wan Abdullah Wan Ibrahim said, “We are delighted to have BRDB on board as our partner in developing Residential North in Nusajaya. With BRDB’s track record and expertise in the development and management of prime residential & commercial properties in Malaysia, we are confident that the development of Residential North can move forward. BRDB’s involvement in the development will also contribute to realizing our vision to develop Puteri Harbour as a premier waterfront destination for the region”.

Meanwhile, Chief Executive Officer of BDRB, Dato’ Jagan Sabapathy said, “Iskandar Malaysia is a testament to the success of public and private sector co-operation, aimed at making Johor a global residential destination, attracting local and international home-seekers with unique approaches and novel ideas. This is an ideal opportunity for us at BRDB to showcase our expertise in high-end residential developments. Having established ourselves as the premier luxury developer in KL, we look forward to replicating this success in Johor with a truly world class marina development. Our collaboration with UEM Land Berhad represents a strategic partnership with an organisation that shares our vision and values of creating iconic communities of enduring value.”

In today’s signing ceremony, two Agreements were signed – a Supplemental Subscription & Shareholders’ Agreement between UEM Land Berhad, Ardent Heights Sdn Bhd and Haute Property Sdn Bhd; and a Supplemental Development Agreement between Bandar Nusajaya Development Sdn Bhd, UEM Land Berhad and Haute Property Sdn Bhd. The Agreements set out the revised terms to reflect BRDB’s entry as UEM Land’s new partner in Haute Property replacing Limitless.

The development of Residential North in Puteri Harbour, Nusajaya is expected to be developed in six phases over seven years with the construction of Phase 1 scheduled to commence in the third quarter of 2011.

Based on a preliminary feasibility study, the proposed 111-acre development is expected to generate a gross development value (GDV) of about RM2.3 billion and gross development profit (GDP) of about RM700 million.

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 joint-venture partnership is thus another milestone towards achieving its mission.