KUALA LUMPUR: Wholly owned subsidiary of Iskandar Investment Bhd, Medini Land Sdn Bhd and WCT Bhd have signed a partnership to jointly develop and co-own 1Medini, the first residential development in Medini, which is in the Iskandar’s Islamic finance hub in Johor.

The 1,331-unit condominium development, with a gross development value (GDV) of RM600 million, will include a 68,800 sq ft commercial area for local retail businesses. The project will be launched in mid-2010 and be fully completed by 2015.

“Iskandar Investment’s partnership with WCT to create 1Medini shows how two internationally recognised, home-grown companies can come together to create world-class developments in the region,” said Iskandar Investment president and chief executive officer, Arlida Ariff.

“1Medini will help meet the increasing demand for quality homes as we continue to attract talented global citizens to live, work and play in Iskandar Malaysia,” added Arlida.

“The decision to jointly develop and co-own 1Medini with Iskandar Investment is a natural progression for WCT as we look to play a bigger role in building Iskandar Malaysia into a sustainable and thriving urban centre in Asia,” said managing director of WCT Taing Kim Hwa.

WCT is the main contractor for infrastructure works worth RM766 million in Medini Iskandar, which commenced in July 2009.

1Medini will be located within the vicinity of Legoland Malaysia in Medini North, Newcastle University Medical Malaysia (NUMed) in Kota Iskandar and the Iskandar Financial District. The development will comprise 2- and 3-bedroom studio apartments and feature a sky garden.

Construction and groundwork for 1Medini will commence in mid-2010. The first phase featuring over 300 units will be ready by 2013.