KUALA LUMPUR: Distinctive Group, a real-estate developer, has purchased a 7.22ha land for RM99.92 million in Iskandar Malaysia, Johor, with a plan to develop the area into a mixed commercial project, comprising business and lifestyle components.
The project is expected to have a gross development value (GDV) of about RM1.5 billion.
Called 18@Medini, Distinctive Group chairman Datuk Dr David Koh said this project is the company's third in Iskandar Malaysia after the first on Jalan Tebrau and the second known as Iskandar Residences.
Koh said the entire project is scheduled to be undertaken in four phases over the next five years, with the first phase, comprising shop offices and service apartments, to be launched in the second quarter of 2013.
"We are confident that 18@Medini will be a viable proposition for both local and regional investors, with an assurance of positive returns," he said.
He said 18@Medini will be the very soul of Medini Iskandar with its colourful and diverse offerings to include retail spaces, small office home office, small office versatile office, corporate offices, showrooms, food and beverage outlets, business and entertainment centre, indoor sports and exhibition centre, service apartments and hotels.
Speaking to reporters later, Distinctive Group chief executive officer Lim Ech Chan said the first phase of the project, which is expected to commence sometime next year, will cover some 88,908sq m of retail spaces and service apartments, with an expected GDV of about RM500 million.
Commenting on the 18@Medini project, IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said this proposed development is well-poised to capitalise on its proximity to EduCity, Puteri Harbour and many others, with an easy accessibility to the coastal highway leading to the city centre.
"It is also strategically located at the confluence of Lebuh Kota Iskandar and the spine road leading to Legoland Malaysia and the Mall of Medini," he said.
Distinctive Group's maiden foray into Johor, in particular Iskandar Malaysia, is the commercial development on Jalan Tebrau, Johor Baru, called 1 Tebrau.
Next in the pipeline and the group's second foray into Johor is Iskandar Residences, a luxury condominium project in Medini, Iskandar. This project by Distinctive Resources Sdn Bhd is a 20:80 joint venture between Medini Land Sdn Bhd, a wholly owned subsdiary of IIB and Dsitinctive Group.
By Business Times