Iskandar Investment Bhd (IIB) and Beijing-based Zhuoda Real Estate Group (Zhuoda) have inked two Memorandums of Understanding (MOUs) to develop mixed residential and commercial projects in Medini, Iskandar Malaysia.
This marks the first joint venture (JV) between Medini Iskandar Malaysia Sdn Bhd, a wholly-owned subsidiary of IIB, and Zhuoda Real Estate to develop a project in Medini North, which is known as Iskandar Malaysia's leisure and tourism destination.
"Today's signing is another significant milestone for us as it is the first major investment by a Chinese property development company into Iskandar Malaysia and IIB is delighted to be the partner of choice for Zhuoda Real Estate Group as they expand their presence beyond China," said Datuk Syed Mohamed Syed Ibrahim, President and Chief Executive of IIB.
IIB said the definitive agreements are scheduled to be signed at the 3rd World Chinese Economic Forum in Kuala Lumpur, Malaysia on 3 November 2011.
To be 80 percent owned by Zhuoda, the JV company will oversee the development of the residential project situated on a 73,000 sq m site. The project is expected to attract over 23 million residents and tourists annually.
Meanwhile, the second MoU will see MoU Zhuoda's purchase of lease for the 40,000 sq m site in Medini. Total Sales Value (TSV) of the land deal is around RM70.8 million with total investment estimated at approximately RM520 million.
"Zhuoda is delighted to be the partner for IIB and the first investor from China into Medini, Iskandar Malaysia. The signing today is another monumental occasion for the strengthening of strong bilateral ties between China and Malaysia enterprises while contributing to ASEAN's continued economic growth," said Yang Han Qing, Chief Operating Officer of Zhuoda.
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