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Monday, November 14, 2011

RM600m condo deal in Iskandar Malaysia

Medini Land Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Bhd (IIB), is teaming up with Darul Tinggi Sdn Bhd to develop a high-rise condominium project in Iskandar Malaysia with a gross development value of RM600 million.

Both companies will set up a joint venture company, Distinctive Resources Sdn Bhd, which will be 80 per cent owned by Darul Tinggi and 20 per cent by Medini Land.

The condominium project will be implemented in two phases.

In a statement, IIB said that the construction work for phase one will start in May next year. It will involve 351 condominium units.

The second phase, comprising 334 units, will take place 20 months after the completion of phase one.

"The new residential project will cater to both local and international property markets and help spin off other projects to bring vibrancy to the vicinity," said IIB president Datuk Syed Mohamed Syed Ibrahim.

In the vicinity are Legoland Malaysia and Educity, which are expected to bring about multiplier effects to other nearby projects.

Darul Tinggi founder Datuk David Koh said Johor Baru is increasingly attracting property buyers due to Iskandar Malaysia.

By Business Times

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