JOHOR BAHRU (June 19): UDA Holdings Bhd (UDA) is set to launch its 40-hectare mixed development project in Desaru, Kota Tinggi by its unit, UDA Land South Sdn Bhd, in the first quarter of next year.
UDA Holdings’ Acting President/Chief Executive Officer Zahrin Zakaria said the delayed project has finally received its development order at the end of May.
“We are hoping to have the project’s ground-breaking ceremony by the first quarter of next year.
“With the rapid development of the Refinery and Petrochemical Integrated Development (RAPID) project and other developments, we can see the potential in the property market in the surrounding area.
“That is why we have come in for the future development of the area,” he told reporters on the sidelines of the Hari Raya Aidilfitri Open House event, organised by UDA Land South and Angsana Johor Bahru Mall here today.
Zahrin was responding to queries on the latest development of the yet-unnamed project, which has a gross development value of approximately RM800 million.
“It will keep us busy for five to six years down the road,” he added.
The development, which is also the first joint venture project between UDA, South East Johor Development Authority and IR Security, will be constructed in five phases.