Limitless Holdings Pte, a special purpose vehicle of Dubai-based Limitless and UEM World Bhd, a Malaysian property developer, will build luxury homes in Puteri Harbour, Nusajaya, at an estimated value of RM1.5 billion (Dh1.64bn).
The companies, through a joint venture called Haute Property Sdn, will develop a 111-acre site with canal-front residential houses, individual berths and high-end condominiums with an initial investment cost of RM241.8 million (Dh251m). Limitless will own 60 per cent of Haute and the rest will remain with UEM the rest.
“We aim to attract the rich and famous, the ‘fashionistas’ as well as the well-heeled from the region,” Wan Abdullah Wan Ibrahim, managing director of UEM Land, said in a statement.
Work on the project will start in the second half of 2008 and will be completed in 2013. The companies may use a combination of cash and debt to fund the project.
Philip Atkinson, Limitless’s Regional Director for South East Asia, earlier told Emirates Business the firm was planning mega projects in Malaysia and was set to announce a project soon. “We are working on several projects in Malaysia,” he said.
According to reports, the Malaysian Government has eased investment rules for foreign companies to help woo RM382bn (Dh418bn) to the Johor region.
Limitless has opened a regional office in Singapore to strengthen its role in South-East Asia’s realty sector.
Puteri Harbour, an integrated waterfront and marina development, is being built on 687 acres in Nusajaya township project.
It is envisaged to be a unique lifestyle community, offering the experience of exceptional waterfront living, dining, fashion, the arts and culture in a safe and picture perfect natural setting.
The project is set to be developed in phases spanning 15 years and is likely to be completed in 2021.