ADVERTISEMENT

UEM Sunrise unit forms join venture with Singapore firm


PETALING JAYA: Developer UEM Land Bhd, a unit of UEM Sunrise Bhd , has formed a partnership with Singapore-based SUTL Marina Holdings Pte Ltd to undertake several development projects in Puteri Harbour, Iskandar Puteri in Johor, which will collectively have an estimated investment cost of S$66.6mil (RM198.8mil).

In a filing with Bursa Malaysia yesterday, UEM Sunrise said UEM Land had entered into a joint-venture (JV) agreement with SUTL to form a JV company with UEM Land holding 40% and SUTL, a 60% equity share.

UEM Sunrise said the JV company would be developing and in charge of operating a public marina, private marina and mega yacht marina 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.

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.

In a joint-statement, SUTL Enterprise executive director and CEO Arthur Tay, said the firm had had some preliminary discussions with UEM Sunrise and envisage that the new integrated marinas would “breathe new life” into the area and create an attractive new destination for the both the yachting community as well as those who love the waterfront lifestyle.

UEM Sunrise managing director/CEO Anwar Syahrin Abdul Ajib also said the company believed that the expansion and development of a world-class marina in Puteri Harbour would add to the vibrancy and attractiveness of Iskandar Puteri, and contribute towards transforming Iskandar Puteri into a “truly sustainable community.”

   

ADVERTISEMENT