This project is secured one week after Medini secured investments from Beijing-based property developer Zhuoda Group.
With the signing of a shareholders and subscription agreement and a development and lease purchase agreement between Iskandar's wholly owned unit Medini Land Sdn Bhd and Darul Tinggi, both parties had agreed to set up a joint-venture company for the development of a high-rise mid-premium condominium in Medini, said Iskandar in a statement.
The joint-venture company. Distinctive Resources Sdn Bhd, will be 80% owned by Darul Tinggi and 20% by Medini Land.
Iskandar said the residential enclave was designed to be a contemporary lifestyle development and would be implemented in two phases.
Construction work for Phase 1 involving 351 condominium units is scheduled to take place in May, 2012.
The second phase comprising the remaining 334 condominium units is expected to take place 20 months upon completion of the first phase.
By The Star
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