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Wednesday, June 29, 2011

E&O in joint venture to develop wellness township in Johor

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is partnering the state investment arms of Malaysia and Singapore to develop an 84ha mixed development dubbed as a wellness township in Nusajaya, Johor.

E&O'sunit Galaxy Prestige Sdn Bhd has set up an equal joint venture company, known as Nuri Merdu Sdn Bhd, with Pulau Indah Ventures Sdn Bhd.

Pulau Indah is a 50:50 venture between Khazanah Nasional Bhd and Temasek Holdings.

Nuri Merdu will build, amongst others, terrace and semi-detached houses, bungalows, serviced apartments and condominiums, wellness centre(s), and retail and commercial properties, E&O said in a statement yesterday.

The project is E&O's first project in Johor. The land is located 15 minutes from the Tuas Second Link to Singapore.

It is also located in Medini, one of five flagship zones in Iskandar Malaysia. Medini would have office buildings, malls, hotels and residential units.

However, the project is subject to a revised master development plan. "The proposal is in line with E&O Group's continuous effort in sourcing new landbank and property development opportunities to boost and sustain its earnings growth," it said.

By Business Times

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