KUALA LUMPUR: Damac Properties (Malaysia) Sdn Bhd, which is part of Dubai’s Damac Group, has withdrawn from its proposed RM396.44 million land deal with UEM Land Bhd’s unit UEM Land Holdings Bhd.
UEM Land said on June 17 that it was notified by Damac stating that it was not agreeable to further extension of the extended approval period.
“Pursuant thereto, UEM Land Holdings Bhd wishes to announce that the sales and purchase agreement (SPA) in relation to the proposed disposal has lapsed and is of no further effect whatsoever,” it said.
The agreement was signed on June 12 last year. It involved UEM Land disposing of 43.54 acres of land in Puteri Harbour, Nusajaya to Damac for cash consideration of RM396.44 million.
The proposed acquisition, if it had gone through, would have resulted in the development of an integrated waterfront development consisting of residential, commercial, retail, dining and leisure facilities.
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