Medini Iskandar Malaysia Receives Boost With High-End Condo Project

KUALA LUMPUR (19 July): Iskandar Investment Bhd (IIB) and its Beijing-based partner, Qingdao Zhuoyuan Investment Holdings (Zhuoyuan), will build 2,600 units of high-end condominiums in Medini Iskandar Malaysia, Nusajaya.

The project, Medini International, has an estimated gross development value (GDV)of RM2.6 billion. It is a collaboration between IIB's subsidiary, Medini Iskandar Malaysia Sdn Bhd and Zhuoyuan, a member of the Zhuoda Real Estate Group.

The residential project will be undertaken by Zhouyuan Iskandar Sdn Bhd, a joint venture (JV) between Medini Iskandar and Zhuoyuan's, Square Stone Holdings Sdn Bhd in a 20:80 partnership.

"The Medini International project, comprising two-bedroom, four-bedroom as well as penthouse units, will be developed in two phases and scheduled to be fully completed within five years.

"The land for both the phases is about 7.29 hectares (18 acres). The development work will officially commence by year-end or in the first quarter of 2013," Chief Executive Officer of Square Stone and Zhouyuan Iskandar, Wang Bin Wu said. — Bernama

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