UEM Taps Land-Starved Singapore to Sell Iskandar Property
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UEM Land Holdings Bhd., Malaysia’s biggest developer by market value, will start selling 4 billion ringgit ($1.3 billion) of new residential and commercial projects this year, targeting Singaporean buyers.
About three-fourths of new developments will be at Nusajaya city in the southern Malaysian state of Johor where new condominium prices have more than doubled since 2009, said Chief Executive Officer Wan Abdullah Wan Ibrahim. That’s within the 550,000-acre (222,600-hectare) Iskandar Malaysia economic zone, promoted by the government to tap demand from neighboring Singapore for everything from seafront homes to oil storage.