According to a Bursa Malaysia filing dated 17 June 2009, the proposed sale of 43.54 acres of land in Puteri Harbour, Nusajaya by UEM Land Bhd to Damac Properties Sdn Bhd for RM396.5 million has lapsed.

Under the conditions of the sale and purchase agreement (SPA) signed in June 2008, both parties were to have agreed to the conditions in the agreement by June 2009. UEM Land and Damac Properties were unable to come to an agreement on certain conditions of the deal and have agreed that the SPA to be terminated.

According to UEM Land managing director and CEO Wan Abdullah Wan Ibrahim, “The termination will have no impact on our financial results as the expected revenue from this proposed transaction has not been recognised in our accounts."

She added that, "Given the current global economic conditions and the impact on many companies and countries including those in the Middle East, we felt that there is no point in pursuing the matter and that a termination of the SPA was in UEM Land's best interest."