Tang Group to build mixed Iskandar project
NOVEMBER 30, 2012
BY MINDY TAN
SINGAPORE'S Tang Group of Companies is the latest to invest in Malaysia's economic development zone, Iskandar Malaysia.
Iskandar Investment Berhad's wholly owned subsidiary, Medini Land Sdn Bhd, and Global Skyline Sdn Bhd, a unit of Tang Group, on Monday signed a 99-year lease purchase agreement for three plots of land for about RM49 million (S$19.6 million), the companies said in a joint release yesterday.
The three plots, which cover 3.2 ha, have a maximum gross floor area of about 1.38 million sq ft.
Tang Group intends to build a mixed development that will include residential and serviced apartment towers, a hotel and shophouses. The development, iMedini Walk, is expected to have a gross development value of about RM750 million, the company said.
Flanking the spine road that leads to Legoland Malaysia and the lifestyle Mall of Medini, the project will boast a stretch of more than 150 three-storey strata shophouses that average 3,300 sq ft.
This retail belt will be flanked by towers housing the hotel and serviced apartments, and residential apartments respectively.
The 250 hotel and serviced apartments will be located in the towers north of the site and overlook Legoland, while the residential apartments will be located in the towers to the south of the site, with views towards Puteri Harbour.
Said Dennis Chiu, director of Tang Group: "With the opening of Legoland, we anticipate a lot more tourists. It is also a strategic route for tours travelling from Singapore to Kuala Lumpur, Malaysia. The demand for hotels is expected to be high.
"We recognise the potential of Iskandar Malaysia, with immense opportunities to create and offer innovative and modern business and lifestyle solutions to not just Malaysians but global citizens.
"Our interest and ventures in Malaysia will continue, with special interest in one of the most promising economic corridors in Southern Johor."
Syed Mohamed Syed Ibrahim, president and chief executive officer of Iskandar Investment Berhad, said: "Our efforts in Nusajaya and Iskandar Malaysia have been towards creating an eco-system of a modern metropolis and a livable city. This is not just our continuing aspiration but also an assurance and a promise to our regional partners and investors from Singapore."
Nusajaya is one of five flagship development zones in Iskandar's 2,217 sq km region.
The others are JB City Centre, Eastern Gate Development Zone, Western Gate Development Zone and Senai-Kulai.
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