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IGB in JV in Iskandar for RM2b development

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IGB in JV in Iskandar for RM2b development Empty IGB in JV in Iskandar for RM2b development

Post by Cals Thu 20 Jun 2013, 00:11

IGB in JV in Iskandar for RM2b development
Business & Markets 2013
Written by Bernama   
Wednesday, 19 June 2013 21:05

KUALA LUMPUR, June 19 (Bernama) -- The Distinctive Group is partnering with IGB Corp Bhd to jointly develop a 7.28-hectare (ha) plot at Zone A, Medini in Iskandar Malaysia, into a major integrated commercial development with estimated gross development value of RM2 billion.
IGB Corp’s unit, Megan Prestasi Sdn Bhd, signed a share sale and purchase agreement with Distinctive Group executive chairman Datuk Dr David Koh for the purchase of a controlling stake in Distinctive Ace Sdn Bhd.
Distinctive Ace is the developer of the 7.28ha land.
Key components within the mixed development are expected to include retail spaces, offices, serviced apartments and hotel.
"For the Distinctive Group, this will be our third foray into the Johor property market, after our first at 1Tebrau in Johor Baharu city centre and Iskandar Residences, also located in Medini," said Koh in a statement today.
He added that Medini in Nusajaya is already the property hot spot in the region.
"The recently proposed high-speed rail stop in Nusajaya and the Malaysia-Singapore Rapid Link Transit will further boost Nusajaya as the property location of choice," he said. -- BERNAMA
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