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Friday, April 18, 2014

THE EDGE DAILY
13-06-2008
UEM Land to sell RM396m land in Nusajaya, Iskandar Malaysia, to Damac for waterfront development
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: UEM World Bhd’s 71.5%-owned subsidiary UEM Land Bhd is selling 43.54 acres (17.62ha) of land in Puteri Harbour, Nusajaya, to Damac Properties (M) Sdn Bhd for RM396.44 million cash as part of its aim to bring in more investors to develop the waterfront.
In a statement yesterday, the property firm said it expected to realise a net profit of RM116.2 million from the proposed disposal.
UEM World said the proposed disposal, which is expected to be completed in several stages over five years, was one of its strategies to accelerate the development activities in Nusajaya.
“The proposed disposal would allow UEM Land to bring not just an investor with extensive financial resources, but one of the leading international developers of luxury waterfront projects with proven track record and strong market following, to develop a signature world-class waterfront development,” it said.
Shares of UEM World, trading at a price-to-earnings ratio (P/E) of 8.5 times, closed eight sen lower at RM3.04 yesterday with a total of 1.8 million shares transacted.


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UEM World
New price benchmark of RM209psf for waterfront land
UEM Land (UEM World's 72% subsidiary) has entered into a sale and purchase agreement with Damac Properties (member of Damac Group of Dubai) to dispose 43.54 acres of high-end waterfront land in Puteri Harbour, Nusajaya for a cash consideration of RM396m. This marked the new price benchmark of RM209 psf for waterfront land in Nusajaya.
International investors moving into IDR & at new benchmark prices
Source: UOB KayHian
New price benchmark in Nusajaya. The selling price of RM209 psf will be a record for the area. The last transacted price was at RM50 psf for 111 acres waterfront residential land in Nusajaya sold to Limitless (Dubai World)-UEM World JV.
Disposal gain of RM116.2m or 8.4sen/share. UEM World expects to realise a net profit of RM116.2m (or 8.4sen/share) from this disposal. The disposal gain is approximately 43.9% of consensus 2008 net profit of RM264.8m (EPS: 19.1sen). For 2009, consensus is looking at a net profit of RM311.6m (EPS: 22.4sen).
To develop a luxury waterfront projects with a GDV of RM3.8b. Damac plans to build commercial and residential properties and private marina with a projected gross development value of about RM3.8. The project will be undertaken over eight to ten years.

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