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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