KUALA LUMPUR: WCT Bhd and Iskandar Investment Bhd will jointly develop and co-own 1Medini, the first residential development in Medini which has a gross development value of RM600 million.

The companies said on Wednesday, Oct 28 1Medini, when completed by 2015, would comprise of 1,332 units of condominium, a 68,800 sq ft commercial area for local retail businesses.

They said 1Medini would be launched in mid-2010 for home-seekers looking for an accessible, environmentally-friendly and sustainable property strategically located in close proximity to LEGOLAND Malaysia in Medini North, Newcastle University Medical Malaysia (NUMed) in EduCity, Kota Iskandar and the Iskandar Financial District.

"Construction and groundworks for 1Medini will commence mid-2010 with the first phase of over 300 units ready by 2013," they said in the joint statement.

This is Iskandar Investment’s first joint venture with a local company to invest in and develop a world-class project which will generate additional employment and business opportunities for the community in Iskandar Malaysia.

The agreement was officially signed by Iskandar Investment president and CEO Arlida Ariff and WCT managing director Taing Kim Hwa.

“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 Arlida.

“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,” she said.

Tiang said the decision to jointly develop and co-own 1Medini with Iskandar Investment was a natural progression for WCT as we look to play a bigger role in building Iskandar Malaysia into a sustainable, thriving urban centre in Asia.

WCT is also the main contractor for infrastructure works worth RM766 million in Medini Iskandar, which started early July this year.