KUALA LUMPUR: Mammoth Empire Holding Sdn Bhd, via its wholly-owned subsidiary Mammoth East West Sdn Bhd, signed a subscription shareholders agreement with Iskandar Investment Bhd subsidiary Medini Land Sdn Bhd to develop a 23.7 acre land in Iskandar.
The joint venture (JV) with a 60:40 ratio in favor of Mammoth Empire will utilize jv entity Cosmolane Development Sdn Bhd to develop the land which has a gross development value of RM4 billion.
The mixed development dubbed Medini Empire will offer office towers, hotels, serviced apartments, loft offices, retail spaces, a convention centre, concert hall, cinema and retail shops.
Construction will begin in early 2015 with an expected completion date in 2018.
According to Datuk Sean Ng, Mammoth Empire Group managing director, Iskandar is an exciting national project and it is pleased that it will now be helping to drive its momentum.
"We pride ourselves on delivering high quality developments and look forward to bringing our unique style to Medini," he said.
Funds to develop the project will be generated by both parties based on the agreed jv ratio. However, Medini Land announced that it will invest more than RM2 billion into the project.
According to Datuk Syed Mohamed Syed Ibrahim, CEO of Iskandar Investment Bhd, Mammoth Empire is known for its high-quality sleek an modern developments and it is pleased they have chosen to invest in Iskandar Malaysia.
"We are confident that their signature style will bring Iskandar Malaysia a step closer to realising its vision as a world-class liveable city," he said.
Syed Mohamed added that to date, RM111 billion has been invested into Iskandar.
Mammoth Empire is a privately held investment and management firm that acquires, develops, renovates, finances and manages properties. Its existing developments include Empire City in Damansara and Empire Subang in Subang Jaya.
Iskandar Investment Bhd is a strategic developer of Iskandar Malaysia trusted to design and deliver developments from concept to concrete in Iskandar.
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