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Tuesday, July 1, 2008

Tradewinds plans new township in Iskandar

TRADEWINDS Corp Bhd is planning a new 378-hectare township in Bandar Nusajaya in Johor, its chairman Tan Sri Megat Najmuddin Megat Khas said yesterday.

Megat Najmuddin said the new township, which lies within Iskandar Malaysia, will comprise a mixed development of high-end residential and commercial areas.

“We are confident of the project doing well because the government is investing a lot of time and money in developing and promoting Iskandar Malaysia,” he told reporters after the company’s annual general meeting in Kuala Lumpur.

Megat Najmuddin said the yet-to-be-named township will start to contribute to Tradewinds’ revenue by 2010. He said efforts to develop the new township included the acquisition of three companies for RM415 million.

The cost included liabilities and the 378 hectares of land owned by the companies for the township.

Tradewinds’ chief operating officer Cheah Wing Choong said the company expects to complete the master plan for the township soon and will submit it to the relevant authorities within the year.

The new township is targeted at Malaysians working in Singapore, Singaporeans and also foreigners working in the republic, he said.

By Bernama

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