the luxury lifestyle provider and Middle East's largest private sector master developer - has entered into a sales and purchase agreement worth AED448 million with UEM Land Berhad, the master developer of Nusajaya - the largest integrated urban development in South East Asia. The development is based within Puteri Harbor, an integrated waterfront and marina development based in Iskandar, Malaysia. The project will have a total mixed-use development area of 8 million sq ft and provides a panoramic view of the Straits of Johor - a strait that separates the Malaysian state of Johor to the north from Singapore to the south. Commenting on the partnership with UEM Land Berhad, Hussain Sajwani, chairman of DAMAC Holding, said: “We at DAMAC are very optimistic about our investments and are extremely happy to enter into this agreement. Once complete, Puteri Harbor will be a luxurious lifestyle community that will redefine luxury living and provide boundless real estate benefits to a wise investor. The impressive growth potential in the country can be gauged from the fact that Malaysia's economy, which was ranked 29th globally last year, is expected to grow by at least 6 percent in 2008. Our investment in Malaysia is part of our strategic growth plans." __
