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Friday, March 30, 2012

UMLand eyes Medini

Developer to hold negotiations with IIB on investments in Iskandar

PETALING JAYA: United Malayan Land Bhd (UMLand) will hold negotiations with Iskandar Investment Bhd (IIB) about investments in Medini, Iskandar Malaysia.

The developer said in a filing with Bursa Malaysia yesterday that it had entered into a collaboration agreement with IIB to talk about its proposed investments in the flagship project. Located in the Nusajaya development zone, Medini is one of the five flagship developments and part of the eight catalyst developments of Iskandar Malaysia, in addition to Johor State New Administration Centre, Puteri Harbour, Southern Industrial and Logistic Cluster, Afiat Healthpark, EduCity, International Destination Resort and Nusajaya Residences.

Syed Mohamed: Medini is well positioned to become the central business district in Nusajaya.

IIB president and chief executive Datuk Syed Mohamed Syed Ibrahim said in a press statement that the 2,230-acre Medini is well-positioned and on track to become the central business district of Nusajaya.

“The proposed investment by UMLand, one of the renowned property developers in the local real estate industry, does not only reflect the attractiveness of Medini as an investment hot spot but will add a new dimension to the vibrancy of the lifestyle development,” he said.

UMLand chief operating officer Lim Eng Kuan said that UMLand had been a major player in the Johor property industry since 1990, starting with its first development Bandar Seri Alam.

“Over the years, the group has made concerted efforts in collaboration with the state government and has seeded vast infrastructure and amenities allowing the group to spread its wings further in Johor.

“This can be seen in the group's strong presence in the region with projects in four out of five flagship zones of Iskandar Malaysia,” he said, adding that the group had also acquired several parcels of land amounting to 1,000 acres in the Iskandar region, earmarked for industrial, commercial and residential development.

It was recently reported that Medini's Arab investors would look to dispose of their land over time to other developers.

By The Star

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