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 on Wednesday saying the proposed deal had been allowed to lapse.

In June 2008, the real estate firm signed a US$122 million (Dh477m) sales and purchase agreement with UEM for land to build a waterfront and marina project in Iskandar, Malaysia.

The National