1Medini comprises 1,332 condominiums and 68,800-sq-ft commercial space in the 2,300-acre Medini, a mixed urban development alongside Legoland Malaysia, Educity and the Iskandar financial district.
WCT chairman Datuk Capt Ahmad Sufian said a joint-venture company, One Medini Sdn Bhd, had been set up to undertake the development, which was 70% owned by WCT Land Sdn Bhd and 30% by Medini Land Sdn Bhd.
WCT Land and Medini Land are wholly-owned subsidiaries of WCT and IIB respectively.
“We were also awarded a RM766mil contract for infrastructure works for the whole of Medini in July,” he said after a strategic partnership signing ceremony between WCT Land and Medini Land for the 1Medini development.
The event was witnessed by Johor Mentri Besar Datuk Abdul Ghani Othman.
IIB chief executive Arlida Ariff said phase one of 1Medini was scheduled to be handed over to buyers in early 2011 and its full completion was expected in 2015.
She said that so far, the response had been quite good with interested buyers from the Middle East, Indonesia, Singapore as well as locally.
Ahmad Sufian said the Medini projects were expected to contribute positively to WCT’s earnings from the next financial year ending Dec 31, 2010 and should last for three to four years.
By The Star
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