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China company, Medini Iskandar in RM2.6b condo project
by hlk Thu 19 Jul 2012, 19:49
KUALA LUMPUR: China's Qingdao Zhuoyuan Investment Holdings is teaming up with Iskandar Investment Bhd's subsidiary, Medini Iskandar Malaysia Sdn Bhd to undertake a high-end condominium project.
The
companies said on Thursday the project in Medini Iskandar Malaysia,
Nusajaya, would have a gross development value of RM2.6bil.
The
Beijing-based Qingdao Zhuoyuan will subscribe for an 80% stake of the
proposed joint-venture company while Medini Iskandar will take up the
remaining 20%.
Phase one of the project will start by year-end. Phases one and two are expected to be completed in five years.
The
factors which attracted Qingdao Zhuoyuan to undertake a project were
the Medini-specific incentives such as tax exemption while there were
no sales restrictions to foreigners.
The
companies said on Thursday the project in Medini Iskandar Malaysia,
Nusajaya, would have a gross development value of RM2.6bil.
The
Beijing-based Qingdao Zhuoyuan will subscribe for an 80% stake of the
proposed joint-venture company while Medini Iskandar will take up the
remaining 20%.
Phase one of the project will start by year-end. Phases one and two are expected to be completed in five years.
The
factors which attracted Qingdao Zhuoyuan to undertake a project were
the Medini-specific incentives such as tax exemption while there were
no sales restrictions to foreigners.
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