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Tuesday, September 7, 2010

Bini Puri in tie-up for Medini project

Bina Puri Holdings Bhd will team up with Medini Land Sdn Bhd, a unit of Iskandar Investment Bhd, to develop the Medini Square project, which has a gross development value of RM500 million, in Iskandar Malaysia.

In a joint statement today, the companies said the project, which would be undertaken via a joint venture company, Medini Square Sdn Bhd, would comprise retail, shop offices, small office/home office (SOHO) units and an office tower.

"The 1,048 million sq ft gross floor area development will complement the other attractions in Medini North, including LEGOLAND Malaysia," the statement said.

It said the first phase of the Medini Square would be completed by mid-2011 with approximately 50 shop offices developed, while phase two would see a combination of a SOHO concept and office tower.

The statement said the Medini Square Sdn Bhd would enjoy fiscal and non-fiscal incentives under the initial incentives and support package for early investment into Iskandar Malaysia.

"The incentives include corporate tax exemptions for 10 years," it said.

By Bernama

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