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Friday, November 9, 2012

Distinctive in RM1.5bil property project

Distinctive job: Iskandar Investment president and CEO Datuk Syed Mohamed Syed Ibrahim (left) exchanging documents with Distinctive Group chairman Datuk Dr David Koh after signing an agreement for the latter to develop a parcel of land in Iskandar Malaysia called 18@Medini for a gross development value of RM1.5bil.

PETALING JAYA: Iskandar Investment Bhd has signed a lease purchase agreement with Distinctive Ace Sdn Bhd, a member of Distinctive Group, for the latter to develop a parcel of land in zone A of Medini into a mixed commercial development project with a gross development value (GDV) of RM1.5bil.

The 99-year lease purchase agreement between the two involved the purchase of a gross floor area 2.75 million sq ft over 18.05 acres of land at a consideration price of RM99.9mil.

Distinctive Group chairman Datuk Dr David Koh said the entire project would be undertaken in four phases over the next five years.

“The first phase, comprising shop office and service apartments, would be launched in the second quarter of next year. The first phase will involve the development of a gross floor area of 957,000 sq ft with a GDV of RM500mil.

“However the registration of interests is welcome with immediate effect,” he told the press after the signing agreement ceremony yesterday.

Koh further elaborated that the development, dubbed the 18@Medini, which would be close proximity to Legoland, would be at the very soul of Medini Iskandar with its colourful and diverse offerings to include retail spaces, small office home office, small office versatile office, corporate offices, show rooms, food and beverages outlets, business and entertainment centres, an indoor sports and exhibition centre, service apartments and hotels.

Iskandar Investment president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said together with Distinctive Group, they had synergised their capabilities to give form and function to real estate landscape for the development of 18@Medini.

“This development will serve to make and complement Nusajaya into a cohesive eco-system that befits what we have envisioned,” he said.

Koh said actual construction work for 18@Medini would start sometime next year.

18@Medini is the third project of Distinctive Group in Iskandar Malaysia. Its first 1 Tebrau on Jalan Tebrau was a modern lifestyles mixed commercial project in Johor.

Distinctive Group's second project there involved a joint venture with Medini Land Sdn Bhd to luanch Iskandar Residences two towers of 39-storey and 28-storey luxury apartments over 6.31 acres in the heart of Medini.

By The Star

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