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Friday, July 20, 2012

Medini Iskandar to build condos with Chinese firm

ISKANDAR Investment Bhd (IIB)'s subsidiary, Medini Iskandar Malaysia Sdn Bhd, has teamed up with China's Zhuoda Real Estate Group to build 2,600 units of high-end condominiums in Medini, Johor.

The condos, with an estimated gross development value of RM2.6 billion, will be developed over two phases and completed in five years.

The project, Zhuoda's maiden overseas venture, will be undertaken by a joint-venture company - Zhouyuan Iskandar Sdn Bhd in which Medini Iskandar has a 20 per cent stake.

The project, tentatively named Medini International, will be built at a cost of between RM600 million and RM700 million, said Wang Bin Wu, chief executive officer of Zhouyuan Iskandar.

The Chinese group was attracted to invest in the area due to Medini-specific incentives such as tax exemption and no restriction of sales to foreigners, he added.

Sales of the units, the cheapest of which in Phase One is expected to be sold at around RM1 million, will be targeted mainly at Singaporeans, Chinese, Malaysians, Koreans and the Japanese.

IIB's president and chief executive officer Datuk Syed Mohamed Syed Ibrahim is confident the units will have a good take-up rate, given that recent property launches in Iskandar Malaysia have been well received, especially after the completion of some infrastructure projects under the 9th Malaysian Plan.

"There is, in fact, now upside potential for new quality offerings in the market with the completion of the infrastructure projects," he told reporters here yesterday after formalising the joint-venture agreement with Zhuoda's Beijing-based unit, Qingdao Zhuoyuan Investment Holdings.

Medini, located in the Nusajaya development zone, is envisioned to be the central busiest district of Nusajaya.

By Business Times

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