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KUALA LUMPUR: The domestic market will be the primary market for Iskandar Malaysia, said Arlida Ariff, president and chief executive officer of Iskandar Investment Bhd.
"While there is a lot of emphasis on foreign direct investment (FDI), we do not discount the fact that the major base of Iskandar will be domestic," Arlida told the media during a press conference after the signing ceremony of a joint venture between Iskandar Investment and Bina Puri Holdings Bhd (BPHB) on Tuesday, Sept 7.
Arlinda added that a strong domestic base is important not just to this development but to a country's economy, as proven by the resilient performance of China and India where the domestic demand is strong during the financial crisis.
One of the goals, Arlida said, is to entice Malaysian business operators, developers and investors currently not present in Johor to come in and take advantage of the opportunities offered by Iskandar Malaysia.
In an effort to boost direct domestic investment into Medini Iskandar Malaysia, Iskandar Investment signed a joint venture agreement with BPHB to develop Medini Square, a 7-acre development comprising retail, shop offices, SOHO units and an office tower. Under the agreement, Iskandar Investment will have a 20% stake, while BPHB will have the remaining 80% stake.
Iskandar Investment, the land owner, will undertake the project through its subsidiary, Medini Land Sdn Bhd.
Iskandar Investment, the land owner, will undertake the project through its subsidiary, Medini Land Sdn Bhd.
The development has a gross development value of RM500 million and will be constructed in two phases. Phase one will consist of 50 units of shop offices, while phase two will consist of a combination of Soho offices and an office tower.
However, Arlida said the development of phase two will also depend on the market and feedback to determine the right product to suit the development.
"The development will benefit from the spin-off effects of Iskandar Investment's catalytic projects and we are excited to be working in partnership to make Medini Square in Mendini North a resounding success," said Datuk Wong Foon Meng, chairman of BPHB, adding that this is the company's first project in Iskandar Malaysia.
Medini Square will complement the other attractions in Medini North including Legoland Malaysia, the first Legoland theme park in Asia and a 1 million sq ft retail mall catering to the local population and tourists. The development will also be close to Kota Iskandar, an administrative centre for the state government of Johor as well as 1 Medini, the first residential project in Medini.
Under the joint venture, Medini Square Sdn Bhd will enjoy fiscal and non-fiscal incentives under the initial incentive and support package for early investment into Iskandar Malaysia, including corporate tax exemptions for 10 years.
Medini North is anticipated to transform into a thriving new community by 2012 with a forecasted catchment of 23 million residents and tourists in the region.
Also, Legoland Malaysia is expected to attract one million visitors each year and the connected retail mall is projected to take in an estimated US$100 million (RM312 million) in annual retail spending.
Also, Legoland Malaysia is expected to attract one million visitors each year and the connected retail mall is projected to take in an estimated US$100 million (RM312 million) in annual retail spending.
Arlida also expects to deliver the residential project along with schools and other amenities by 2010.
"We cannot build in isolation as people coming here expect a whole lifestyle," said Arlida.
"We cannot build in isolation as people coming here expect a whole lifestyle," said Arlida.
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