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Wednesday, December 15, 2010

RM688m mixed project in Iskandar on drawing board

WCT Bhd, a construction and property outfit, will undertake a mixed commercial project in Johor next year featuring retail, offices and apartment blocks.

The RM688 million project, located in Medini, in Iskandar Malaysia, will be WCT's second development in Johor after 1Medini Residences.

1Medini comprising 1,332 condominium units worth RM600 million, will be launched by June next year, said WCT general manager for sales and marketing Stewart Tew.

Tew said WCT is bullish on Johor market, hence it will buy more land there when the opportunity arises.
"We are venturing heavily into Johor. There has been a lot of catalyst development in Medini like Legoland Malaysia and Newcastle University Medical Malaysia.

"Iskandar Malaysia is close to Singapore, a high networth business district. So we see potential to grow in the south," he said yesterday in Kuala Lumpur after a signing ceremony between WCT's Platinum Meadow Sdn Bhd and Global Capital & Development (GCD).

GCD, a Mubadala-led consortium, is the concession holder tasked with the development of Medini, comprising lifestyle and leisure cluster, Medini business district and a cultural centre.

WCT is buying 4.1ha from GCD for its commercial project.

GCD chief executive Keith Martin said it expects a new wave of development in Medini next year.

Martin said GCD is talking to potential investors in various sectors in Asia Pacific to invest in Medini.

GCD is conducting a feasibility study to develop Plaza Medini, a two million sq ft commercial mixed used project, featuring offices, retail, serviced apartments and hospitality venues. Key plans include setting up a US$150 million (RM469.50 million) film and television production facility.

Medini is expected to generate over US$20 billion (RM69.6 billion) in revenue over a 15 to 20 year period.

GCD is represented by investors from Malaysia like Iskandar Development Bhd and Mubadala, the Abu Dhabi government investment company.

By Business Times

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