IIB, MCT ink agreement on Medini Iskandar collaboration

KUALA LUMPUR (April 25): Iskandar Investment Bhd (IIB) has entered into a collaboration agreement with MCT Group (MCT) to discuss MCT's proposed investment in Medini Iskandar, Nusajaya in Johor.

Under the agreement, both parties will discuss the development of buildings comprising SOHO/studio units, a hotel and a boutique retail gallery as part of MCT's proposed investment into Medini, Iskandar Malaysia.

IIB president and CEO Datuk Syed Mohamed Syed Ibrahim said, "The presence of MCT would compliment efforts in the transformation of Medini Iskandar into the central business district of Nusajaya, in the heart of Iskandar Malaysia. The projects and lifestyle developments proposed by MCT within Nusajaya will play a role in influencing the development in Iskandar Malaysia."

MCT Group founder Datuk Sri Barry Goh added that they are excited with this project in Medini. "We are very excited with this project in Medini. Nusajaya is not only strategically located in the heart of Iskandar Malaysia for business convenience, waterfront lifestyles and international connectivity, but also stands on strong pillars of catalytic, Entry-Point Projects — such as EduCity, Medini Iskandar and LEGOLAND Malaysia — in addition to Pinewood Iskandar Malaysia Studios and Gleneagles Medini."

He added, "These catalytic projects are in themselves attractive features and unique value propositions for us to plan our mixed development and garner positive market response."

IIB oversees the development of approximately 36 sq km of land in Iskandar Malaysia.

The MCT Group of Companies is a major property developer within the Klang Valley area. Among its projects are the One City development in USJ 25 and Kingsley Hills development at Putra Heights, both located in USJ, Subang Jaya.