Medini Iskandar Malaysia Sdn Bhd, a subsidiary of Iskandar Investment Bhd, collaborated with China's Zhuoda Real Estate Group to develop 2,600 units of luxury condominiums in Medini, Johor, according to a report by Business Times Malaysia.
To be constructed in two phases, the condominiums have a gross development value of about RM2.6 billion and are set to be completed in five years.
Considered as Zhuoda's first overseas venture, the project will be carried out by a joint-venture (JV) company known as Zhouyuan Iskandar Sdn Bhd, in which Medini Iskandar holds a 20 percent stake.
Wang Bin Wu, Chief Executive Officer of Zhouyuan Iskandar, revealed that the project is tentatively dubbed as Medini International, with construction costs ranging from RM600 million to RM700 million. He added that the group decided to invest in the area because of Medini-specific incentives such as tax exemption and the absence of sales restriction to foreigners.
Phase One, which will feature the most affordable units, will target Malaysians, Singaporeans, Chinese, Japanese and Koreans.
Moreover, Datuk Syed Mohamed Syed Ibrahim, CEO of IIB, is confident that the project will receive a good take-up rate considering the warm reception of recent property launches in Iskandar Malaysia and as more infrastructure projects are completed under the 9th Malaysian Plan.
"There is, in fact, now upside potential for new quality offerings in the market with the completion of the infrastructure projects," he said.
Medini is expected to become the central business district of Nusajaya, given its strategic location in the Nusajaya development zone.
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