KUALA LUMPUR: Property developer, United Malayan Land Bhd (UM Land) is set to develop a mixed commercial and residential project in Medini, Iskandar Malaysia with a gross development value of RM1.4bil.
The proposed development in the southern development region will include townhouses, apartments, service apartments/small office house office (SOHO), hotels, retail promenade with food and beverages outlets and a specialty retail centre.
“The project is still in planning stage and it is expected to commence in the third or fourth quarter next year,” group CEO Charlie Chia tolf reporters after the signing ceremony for a lease purchase agreement between UM Land and Iskandar Investment Bhd (IIB) here yesterday.
The development will be implemented in four phases and would take six to 10 years to complete, Chia said, adding that the project will be located on the land UM Land acquired from IIB today.
Worth RM83mil, the 5.35 hectare land acquisition was entered through UM Land’ wholly-owned subsidiary, Lextrend Sdn Bhd, and IIB’s wholly-owned subsidiary Medini Development Sdn Bhd.
Also present at today’s event was IIB President and CEO Datuk Syed Mohamed Syed Ibrahim.