Parties to develop Puteri Harbour in joint-venture deal
Puteri Harbour in Nusajaya, Johor is set to become a world-class integrated waterfront and marina development in a joint-venture partnership between Khazanah Nasional Bhd and Kuok Brothers Sdn Bhd. Pic by Ahmad Tajuddin
The two parties will develop two plots of land in Puteri Harbour in Nusajaya via a joint-venture company, Southern Marina Development Sdn Bhd.
Southern Marina yesterday inked a deal with UEM Land Holdings Bhd to buy the plots of land for a combined RM182 million.
Kuok, who now resides in Hong Kong, controls 70 per cent of Southern Marina through family investment vehicle Kuok Brothers Sdn Bhd. Forbes valued his personal wealth at US$12.4 billion (RM37.8 billion) in 2011, ranking him at No 1 on Forbes list of Malaysia’s Richest.
The balance of 30 per cent in Southern Marina is held by Khazanah, the government investment arm.
Southern Marina plans to undertake a mixed residential and commercial development on the 6.26ha.
“With the participation of a strong partner like Southern Marina, we are confident that Puteri Harbour is on track to being a world-class integrated waterfront and marina development which will play a pivotal role in being a catalyst for making Nusajaya a dynamic, vibrant and liveable city for all,” UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said in a statement.
Nusajaya is one of the five flagship zones of Iskandar Malaysia.
Datuk Oh Siew Nam, a director of Kuok Brothers, said it was excited to have a presence in Puteri Harbour and the opportunity to participate in the ongoing development of Iskandar Malaysia.
“The tremendous progress achieved in Iskandar Malaysia, and especially Nusajaya over the last few years, is remarkable.
“We are confident that the good infrastructure, facilities and connectivity will continue to attract strong interest from local and international investors into Iskandar Malaysia.”
Khazanah managing director Tan Sri Azman Mokhtar is looking forward to working with the Kuok Brothers Group in Iskandar Malaysia as the region develops progressively into the next phase of growth.