KUALA LUMPUR 9March 30,2012): United Malayan Land Bhd (UMLand) has entered into a collaboration agreement with Iskandar Investment Bhd (IIB) yesterday to negotiate the former’s proposed investment in Medini, Iskandar Malaysia.
UMLand in its filing with Bursa Malaysia yesterday said both parties had agreed to hold exclusive negotiations in respect of an acquisition of land in Medini, Iskandar Malaysia with rights to undertake development on the said land.
The two parties signed a memorandum of understanding yesterday to undertake several property projects with an estimated gross development value of RM1.4 billion in Medini.
UMLand CEO Lim Eng Kuan said at the signing ceremony that phase one would commence soon, consisting of a commercial development featuring a hotel, serviced apartments and retail buildings.
He added that the company is negotiating with IIB on the land size it can acquire in Medini and is eyeing several potential plots for its projects.
Lim noted that UMLand, which is known for its Bandar Seri Alam flagship development in Iskandar, has acquired several parcels of land within the Iskandar region amounting to about 404.68ha earmarked for industrial, commercial and residential development.
Medini is located within the Nusajaya development zone, one of the five flagship developments of Iskandar Malaysia, the country’s engine of growth in the southern region.
Spanning 892ha, Medini is one of Nusajaya’s eight catalyst developments in addition to Johor State New Administration Centre, Puteri Harbour, Southern Industrial and Logistic Cluster, Afiat Healthpark, EduCity, International Destination Resort and Nusajaya Residences.
Meanwhile, IIB president/CEO Datuk Syed Mohamed Syed Ibrahim said: “Medini Iskandar is well-positioned and on track to become the central business district of Nusajaya in the heart of Iskandar Malaysia. It will emerge as an important nucleus for business, trade and lifestyle with excellent linkages to local and regional networks.”
“The proposed investment by UMLand, [a] renowned property developer in the local real estate industry, does not only reflect the attractiveness of Medini as an investment hot spot but will add a new dimension to the vibrancy of the lifestyle development.”
UMLand’s Lim said: “More recently the group identified Iskandar Malaysia as the growth region with immense potential and Medini being unique and central to the vision of success in Iskandar certainly cannot be ignored.”