UEM Land Berhad, a unit of Malaysia's largest property developer UEM Land Holdings, has entered into a sale and purchase agreement with Southern Marina Development.
The agreement, worth 182 million ringgit, was for the sale of 12.5 acres of land located in Puteri Harbour, Nusajaya - one of the five flagship zones of Iskandar Malaysia, Johor.
Southern Marina is a 70:30 joint venture company between Malaysian tycoon Robert Kuok's Kuok Brothers Group and Khazanah Nasional Berhad, the country's sovereign wealth fund.
The proposed development by Southern Marina will comprise a mix of high-rise residential and retail units.
The development will have a gross floor area of more than 2 million sq ft, and an estimated value exceeding 1 billion ringgit.