In Kuala Lumpur, listed property developer – UEM Land reported improved sales figures, although it is far short of its target to grow sales by 20 percent this year, and it seems unlikely for them to achieve this target.

In an interview with Reuters, Managing Director of UEM Land, Wan Abdullah Wan Ibrahim said, ‘It’s challenging. I will not lead you elsewhere. It’s tough but we have not given up.’ UEM Land is presently in the finalising their planned fund raiser to the song of RM354 million (S$146 million). The funds will come from bank borrowings and they are working on a financing programme. UEM Land is in serious discussions with four companies for development projects in Iskandar Malaysia, a government sponsored economic zone in the southern Johor state near SIngapore.

On a separate note,plan to sell 17.4ha of land to one of Dubai’s largest private developers for RM396.5 million has fallen through. The deal, which was first struck in June 2008, was for Damac Properties (Malaysia) Sdn Bhd to develop three parcels of commercial land that forms part of Puteri Harbour at Nusajaya in Johor. Under a sale and purchase agreement (SPA) signed in June 2008, both sides were to have agreed to the conditions of the agreement by June 2009. However, UEM Land managing director and chief executive officer Wan Abdullah Wan Ibrahim stated that this will not have any impact on their financial results as the proposed transaction was not recognised in their accounts.

About UEM Land

UEM Land, is currently undertaking the development of Nusajaya into a regional city with diverse catalyst developments to create and promote economic growth and development in the area and to meet various economic activities and market demands.

UEM Land aspires to be the premier developer in township, property and facility management in the South East Asian region and sees itself as a global community builder.  Currently, UEM Land’s premier project is Nusajaya – an integrated urban development in South-west Johor that features seven signature projects aimed at enhancing and enriching the lives of the residents, who live, work and play there. To catalyse the development of Nusajaya are the seven signature developments – Kota Iskandar (Johor state new administrative centre), Southern Industrial and Logistics Clusters, Afiat Healthpark, EduCity, Puteri Harbour Waterfront Development, International Destination Resort and Nusajaya Residences.

About Iskandar Malaysia

Iskandar Malaysia (IM), is a strategic and important special economic zone located at the southern-most tip of Peninsular Malaysia and mainland Asia. South Johor is a geographically and economically important region with key industrial, logistics and commercial centres. IM will benefit from the economic opportunities that will be promoted within the Region.

Identified as one of the key catalysts and high-impact developments under the Ninth Malaysia Plan (2006-2010) the IM will be developed into a major regional commercial hub with first-world facilities. These facilities will encompass logistics and a comprehensive value-added platform with focus on state-of-the-art physical infrastructure and an investment-friendly business environment. Development of the IM offers a meaningful opportunity for the Malaysian Government, working in tandem with the private sector, to drive reforms and innovation in delivery systems, local government, physical planning, infrastructure development and environmental protection among others.