After securing investments from Beijing-based property developer Zhouda Group, Iskandar Investment Bhd (IIB) has managed to attract another firm to be part of the on-going development of Medini.
Medini Land Sdn Bhd, a wholly-owned subsidiary of IIB, has signed a joint venture (JV) agreement with Darul Tinggi Sdn Bhd (DTSB) to develop a high-rise mid-premium condominium project in the area with an estimated gross development value (GDV) of RM600 million.
Located in the heart of Medini North, the new condo project will be a contemporary development. It will be built in two phases, and construction work for phase one, comprising 351 condo units, is scheduled to begin in May 2012.
The second phase of the development will comprise 334 units and is expected to take shape 20 months upon the completion of the first phase of the project.
“This new residential project would further add to the expansion of the development community at Medini — IIB’s flagship development,” said IIB president Datuk Syed Mohamed Syed Ibrahim.
“Looking at its strategic location, which is close to proximity to LEGOLAND Malaysia and EduCity, we are optimistic that this condominium project would receive favourable response from potential investors and property buyers more so due to the multiplier effects from these two catalytic projects. This development which caters for both local and international property markets will also help to spin off other projects and thus bring vibrancy to the vicinity,” he noted.
The JV agreement will be 80 percent owned by DTSB and 20 percent by Medini Land.
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