SUTL Enterprise, UEM Sunrise To Develop Puteri Habour Marinas

From Nor Baizura Basri SINGAPORE, Feb 23 (Bernama) -- UEM Sunrise Bhd is partnering SUTL Enterprise Ltd to develop Puteri Harbour marinas with a total investment of about S$66.6 million (about RM199.18 million). The project, which comprises the development of a private marina, a mega yacht marina and a public marina, will be developed under the ONE15 brand. For this purpose, SUTL Enterprise's wholly-owned subsidiary, SUTL Marina Holdings Pte Ltd (SMHPL), has entered into an agreement with UEM Sunrise via its wholly-owned subsidiary UEM Land Bhd to form a joint venture company. The 60:40 joint venture company, ONE15 Puteri Harbour Sdn Bhd, will see SMHPL holding the majority stake with an investment commitment of about S$40 million (RM119.628 million). UEM Sunrise Managing Director/Chief Executive Officer Anwar Syahrin Abdul Ajib said this joint venture would enhance the value proposition for Puteri Harbour. He said the expansion and the development of a world-class marina in Puteri Harbour will add to the vibrancy and attractiveness of Iskandar Puteri, a newly developed planned city in Johor Baharu district of Malaysia's southern state, Johor. The public marina already has 76 wet berths, with another 72 wet berths to be completed by year-end, he said. "As for the private marina, mega yacht marina and private clubhouse, construction will start early next year and will be completed by early 2018," he told reporters after the signing ceremony between the two companies here Monday. The completion of the public and private marinas will bring the total number of berths to 440. Meanwhile, SUTL Enterprise Executive Director and Chief Executive Officer Arthur Tay said Puteri Harbour was selected after a year-long round of discussions for its strategic location, unique design and current atttractions that can bring value to the company. "Generally, the return on investment for this kind of project is about six to seven years after the project completion," he said. The Puteri Harbour project will be SUTL Enterprise's second overseas project bearing the ONE15 brand after the ONE15 Brooklyn Marina in New York, the United States, which is managed by the group. UEM Sunrise is one of Malaysia’s leading property developers and is the flagship company for township and property development businesses of UEM Group and Khazanah Nasional Berhad, the Malaysian government's sovereign wealth fund. --BERNAMA