Malaysia’s Iskandar Investment Bhd (IIB) and Beijing-based property developer Zhuoda Real Estate Group signed two Memorandums of Understanding (MoUs) last Friday to establish integrated residential developments in Iskandar Malaysia.
The move comes after the signing of an agreement in April this year to promote two-way investment between Malaysia and China.
The signing is “another significant milestone for us, as it is the first major investment by a Chinese property development company into Iskandar Malaysia and IIB is delighted to be the partner of choice for Zhuoda Real Estate Group as they expand their presence beyond China,” said Datuk Syed Mohamed Syed Ibrahim, President and CEO of IIB.
The two MoUs marks a significant investment opportunity that will contribute to the total trade volume between both countries, which is expected to exceed US$80 billion, resulting in around seven percent year-on-year growth for 2011.
Meanwhile, the definitive agreements are scheduled to be signed at the 3rd World Chinese Economic Forum in Kuala Lumpur, Malaysia on 3 November 2011, marking the first major investment by a China company into Iskandar Malaysia. The combined Total Sales Value (TSV) of both land deals is estimated to reach around US$77 million.
Iskandar Investment is the catalytic developer of Iskandar Malaysia, which is responsible for bringing in strategic projects such as LEGOLAND Malaysia (the first of its kind in Asia), the Newcastle University Medicine Malaysia Campus, Marlborough College Malaysia and other international brands from across the globe.
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