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Thursday, June 9, 2011

UEM Land And Iskandar Harta To Undertake RM850 Million Medini Project (ext)

KUALA LUMPUR, June 9 (Bernama) -- UEM Land Bhd, a wholly-owned subsidiary of UEM Land Holdings Bhd (ULHB), today inked a Shareholders' Agreement with Iskandar Harta Holdings Sdn Bhd (IHHSB) to jointly undertake the RM850 million mixed development project in Medini Nusajaya known as the Lifestyle Retail Mall and Residences at Medini@North.

Construction of the project is expected to take off immediately and the first phase, Phase 1A, with gross development floor area (GFA) of 200,000 square feet will be the immediate focus for the development as it is expected to be completed and opened in September 2012, aligned with the opening of LEGOLAND Malaysia.

Managing director and Chief Executive Officer of UEM Land Holdings Bhd Datuk Wan Abdullah Wan Ibrahim said the entire development which would have a total (GFA) of two million square feet, is expected to be completed over eight years.

He said a 35-acre site in the north-west corner of Medini has been purchased at a price of about RM100 million for the mixed development project.

"This is one of our planned initiatives to build up our portfolio of recurring income. As a property developer, you can well imagine, property goes into boom and bust cycle. We really need to establish our portfolio of recurring income to weather the down cycle. This is one of the initiatives, many more are coming," he said at the signing of the joint-venture between ULHB and IHHSB for the proposed Lifestyle Commercial Development in Medini North, Nusajaya here today. . .

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