UEM Sunrise in JV to develop RM199mil marina project in Johor

An aerial view of the marina at Puteri Harbour in Nusajaya, Johor.

KUALA LUMPUR: UEM Land Bhd, a unit of UEM Sunrise Bhd, has formed a partnership with Singapore-based SUTL Marina Holdings Pte Ltd (SUTL) to undertake several development projects in Puteri Harbour, Iskandar Puteri in Johor.

In a jointly issued press statement, they said the total investment cost required for the project was estimated to be S$66.6mil (RM198.8mil) in cash and in kind, with SUTL’s commitment estimated to be S$40mil (RM119.4mil).

In a filing with Bursa Malaysia on Monday, UEM Sunrise said UEM Land had entered into an agreement with SUTL to form a joint-venture (JV) company, ONE15 Puteri Harbour Sdn Bhd, with a UEM Land holding 40% stake and SUTL 60% equity share.

UEM Sunrise said the JV company would develop and be in charge of operating a public marina with 148 berths, a private marina with up to 278 berths, and mega yacht marina that can accommodate up to 14 yachts in Puteri Harbour.

It added that the JV company would also be involved in developing and operating the private yacht club via the Private Yacht Club Corp, operating the sports centre in Puteri Harbour and other business complementary to the said businesses from time to time.

The existing public marina comprises 76 wet berths and the project will add 72 more berths this year. The private marina, mega-yacht marina and private clubhouse are scheduled to open in early 2018. 

As part of the agreement, the JV company will also be developing and
operating a proprietary yacht club, a sports centre and other complementary businesses that may establish the Puteri Harbour marinas as a premium integrated marina project in Iskandar Puteri.

In the Bursa announcement, UEM Sunrise said it expected the conditions in the JV agreement to be fulfilled within 12 months.

“The proposed JV will not have any effect on UEM Sunrise’s issued and paid-up share capital and substantial shareholders’ shareholding. 

“There shall be no material effect from the proposed JV on the earnings, net assets or gearing of UEM Sunrise for the financial year ending Dec 31, 2016,” it said.

SUTL is a member of the SUTL group of companies, a diversified Singapore-based group with businesses under three main divisions of consumer goods, leisure and technology.

Under its leisure division, its marina business unit owns and operates the ONE°15 Marina Club located in Sentosa Cove, Singapore and related businesses as well as consults and invests in marina projects in Asia.

The UEM Land-SUTL project will add 72 wet berths to the public marina in Puteri Harbour this year. This November 2013 file photo shows the marina.