Darul Tinggi, Iskandar arm in RM600m condo deal

Iskandar Investment Berhad's (IIB) flagship development Medini in Iskandar Malaysia, Johor continues to lure investors, with the latest being local property developer Darul Tinggi Sdn Bhd
(DTSB) via a joint-venture company (JVC).

IIB's wholly-owned subsidiary Medini Land Sdn Bhd and DTSB have signed a Shareholders and Subscription Agreement and a Development and Lease Purchase Agreement to set up the JVC for the development of a high-rise mid-premium condominium project in Medini.

President/Chief Executive Officer Datuk Syed Mohamed Syed Ibrahim said the local partner came on board just a week after securing investments from Beijing-based property developer Zhuoda Group.

The JVC will be 80 per cent owned by DTSB and 20 per cent by Medini Land. The condominium project, to be located in the heart of Medini North, is estimated to have a gross development value (GDV) of RM600 million.

This residential enclave is designed and envisioned to be a contemporary lifestyle development and will be implemented in two phases.

Construction work for Phase 1, involving 351 condominium units, is scheduled to begin in May 2012 while the second phase is expected to commence 20 months upon the completion of the first phase, Syed Mohamed said.

"Looking at its strategic location, which is in close proximity to LEGOLAND' Malaysia and EduCity, we are optimistic that this condominium project would receive favourable response from potential investors and property buyers.

"This development, which caters for both local and international property markets, will also help to spin off other projects and thus bring vibrancy to the vicinity." he added. -- Bernama