UAE's Damac confirms exits Malaysia land deal

Image by Yo Ghurt via Flickr

Dubai-based developer Damac Properties on Thursday confirmed it would not complete a Malaysia land deal with UEM Land Bhd due to the financial crisis, and would focus on projects already under construction.

The news follows a statement from UEM (ULHB.KL) on Wednesday saying the proposed deal had been allowed to lapse. [ID:nWNAS6803]

In June 2008, the real estate firm signed a $122 million sales and purchase agreement with UEM for land to build a waterfront and marina project in Iskandar, Malaysia.