Another two 4.6 Billion Medini Deals from Mammoth Empire & Zikay

Iskandar Investment Bhd (IIB) has sealed two property deals in Iskandar Malaysia worth a combined RM4.6bil in gross development value with private companies.

The larger of the two projects involves a joint venture between IIB and Mammoth Empire Holdings Sdn Bhd, which owns Empire Subang and Empire City in Petaling Jaya, to develop Medini Empire, they told the media on Monday in a briefing.

The RM4bil Medini Empire is a mixed development comprising office towers, hotels, service apartments, loft offices, retail space, a convention centre, a concert hall and a cinema, set for completion in 2018.

IIB – an arm of Khazanah Nasional and the Johor state government that facilitates investments into the state’s economic corridor – owns 40% of Medini Empire and Mammoth Empire the remaining 60%.

The project is to be built on two parcels of adjoining land spread over 24 acres in what was the car park for Legoland.

This would be the first foray into Iskandar Malaysia for Mammoth Empire, better known for its developments in the Klang Valley and Melbourne, Australia under the “Empire” banner.

The second project, dubbed Zikay@Medini, would be undertaken by Zikay Group Sdn Bhd and designed by Veritas Architects.

The mixed development, with RM600mil in potential value, consists of small office home office, boutique retail, a 30-level Grade A office tower and service apartments.

Zikay is the second Bumiputera company to invest in this region of Iskandar Malaysia. It inked on Monday a lease purchase agreement with Medini Development Sdn Bhd for 3.29 acres of land in Medini.

Zikay, which has been active in property development and construction for 20 years, built the Royal Selangor state theater in Shah Alam and 40-storey Mercu Zikay@Kampung Baru in Kuala Lumpur.

This is also its maiden venture into Iskandar Malaysia.

The two projects form part of the 2,000 acres in Medini earmarked for mixed-use developments that is still available to investors.

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