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Limitless invests in Nusajaya, Malaysia

<p>Limitless, the Dubai-based global real estate master developer, today entered into an agreement with UEM Land Sdn. Bhd., the master developer of Nusajaya &ndash; South-east Asia&rsquo;s largest, integrated urban development within the Iskandar Development Region in South Johor &ndash; to form a Special Purpose Vehicle (&ldquo;SPV&rdquo;) to undertake the development of Residential North precinct in Puteri Harbour, Malaysia.<br /> <br /> Under the agreement, Limitless will hold majority share at 60% whilst UEM Land will hold 40% of the SPV created. The SPV will undertake the development of the 111 acres Residential North precinct of Puteri Harbour.<br /> UEML and Limitless will jointly develop Residential North, which is positioned as an exclusive high-end residential enclave located at the northernmost section of Puteri Harbour, Nusajaya. The development will feature a mix of distinctive landed water front homes with individual berthing and high-end condominiums that will be the first premier waterfront real estate enclave for Nusajaya and in the country.<br /> <br /> The development of Residential North is expected to commence in 2008 and will be completed by 2013 with an estimated Gross Development Value in excess of RM1.5 billion.<br /> <br /> Philip Atkinson, Regional Director Limitless LLC&nbsp; said: &ldquo;We have confidence in the growth of the Iskandar Development Region and in Nusajaya as its key driver. With its strategic location in this region and the ready and advanced infrastructure, Nusajaya presents an attractive investment proposition for our investors. We are excited about the prospects of our role in developing Puteri Harbour in partnership with UEM Land.</p> <p>&ldquo;This opportunity will also further establish Limitless as a key player in South East Asia, where we recently launched new regional operations based in Singapore.&nbsp; As a unit of Dubai World, Limitless will leverage on the know-how and exposure gained by real estate initiatives like the Palm Islands, World Islands and Jumeirah Islands in Dubai, in which our senior management played key roles. With such credentials, we are confident and fully committed to develop the Puteri Harbour Residential North precinct with distinction into an iconic world class waterfront development second to none in this region.&rdquo;<br /> <br /> According to Wan Abdullah Wan Ibrahim, Managing Director of UEM Land, &ldquo;We are delighted to partner with Limitless, a global enterprise that has a well established market presence for its premier waterfront developments that are recognized globally. With its proven track record, Limitless brings to the partnership expertise in waterfront development. Limitless will also provide the market and the means to reach potential investors in the international markets and lend a stronger brand to the premium developments. <br /> <br /> &ldquo;UEM Land&rsquo;s priority is to achieve our mission &ndash; for Nusajaya, the regional city, to come alive by 2011 To achieve this, we have adopted a strategy of concurrent developments within Nusajaya by multiple world-class developers. This partnership with Limitless is one significant step towards achieving our mission.<br /> <br /> &ldquo;Nusajaya, with its seven signature developments, is truly the world in one city.&nbsp; This world-class regional city that enhances and enriches the quality of life for Nusajaya&rsquo;s residents who live, work and play here is rapidly taking shape and becoming the investment beacon of this region with the commitment of serious investors like Limitless,&rdquo; Wan Abdullah added. &nbsp;</p> <p>- Ends - <br /> <strong><br /> Media enquiries:</strong> Rebecca Rees, Limitless PR on +971 4 375 9733 or +97150 6587192 <a href="mailto:Rebecca.rees@limitless.ae">Rebecca.rees@limitless.ae</a><br /> <br /> &nbsp;</p>
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