UEM Land Holdings Bhd announced that its Sales and Purchase Agreement (SPA) with Damac Properties Sdn Bhd for the sale of approximately 17.416 hectares in Puteri Harbour, Nusajaya has lapsed.
UEM World Bhd's subsidiary, UEM Land Bhd, had signed the deal with Damac Properties for the sale of the land in Puteri Harbour, Nusajaya, for RM396 million cash. Under the terms of the deal, the period for fulfillment of its conditions precedent shall expire upon expiry of the Extended Approval Period or 12 months from the date of the SPA, unless otherwise extended by mutual agreement of the parties.
The parties have been in discussions on certain issues relating to the conditions precedent and a possible extension of the Extended Approval Period.
UEM Land received notification from Damac stating that they were not agreeable to extending the approval period. With that, the SPA had lapsed and had no further effect whatsoever.
Meanwhile UEM Land Bhd, the master developer of Nusajaya, is in talks with three foreign parties on possible strategic partnerships for its Puteri Harbour project. The company hoped to conclude the deals this year (2009).
Spanning over 688 acres, the Puteri Harbour waterfront development consists of high-end residential, commercial and retail properties, resorts, hotels and a convention centre.
The group would proceed with all its development plans regardless of the weakening economy.
Unlike more established property developers, UEM Land could not afford to defer its projects as this would have a severe impact on its medium-term growth.
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