UEM Land, Damac sale agreement lapses

Posted on | June 18, 2009

By THE STAR

PETALING JAYA: UEM Land Bhd’s agreement with Damac Properties (M) Sdn Bhd for the RM396mil sale of 43.5 acres in Puteri Harbour, Nusajaya has lapsed.

UEM Land told Bursa Malaysia yesterday Damac had failed to resolve issues relating to the conditions of the purchase agreement within the agreed period.

Managing director and chief executive officer Wan Abdullah Wan Ibrahim said the termination would have no impact on the company’s financial results as the expected revenue from this proposed transaction had not been recognised in its accounts.

“The exit of Damac would not impact the development of Nusajaya as we are currently in talks with new developers to take over its place,” it said.

According to sources, developers from Australia and Singapore have expressed interest to purchase parcels of land in Puteri Harbour, the waterfront development in Nusajaya.

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