PETALING JAYA: UEM Land Sdn Bhd expects record sales and profit by 2012 when development of its Bandar Nusajaya in the Iskandar Development Region (IDR) picks up momentum. Managing director Wan Abdullah Wan Ibrahim said the development of Nusajaya should reach its “tipping” point by 2011 as new activities and projects were being launched. Targeted for completion in 30 years, Nusajaya is expected to incur a total gross development cost of RM55bil. UEM Land is currently working on 11,000 acres in Nusajaya. The sale of 4,500 acres to Khazanah in 2006–2007 for RM1.9bil has reduced the company's gearing to 0.48 time from 17.38 times before. Read more
(The Star 15-2-2008)
