Tang Group unit signs deal for Iskandar development
by Cheryl Tay
Global Skyline Sdn Bhd, a unit of the Tang Group of Companies, will embark on a mixed-used development dubbed iMedini Walk (pictured) in Iskandar Malaysia.
In line with this, the developer has signed a 99-year lease agreement with Medini Land Sdn Bhd, a wholly owned subsidiary of Iskandar Investment Berhad, for three plots covering 3.2 ha and offering about 1.38 million sq ft of gross floor area (GFA), reported The Business Times.
The integrated project will comprise a hotel, shophouses and residential and serviced apartment towers, with about RM750 million (S$300 million) in gross development value (GDV).
The development will be situated along the spine road leading to the lifestyle Mall of Medini and Legoland Malaysia and will boast over 150 three-storey strata shophouses with an average size of 3,300 sq ft.
The residential units, hotel and serviced apartments will be housed in towers across the retail belt. The towers north of the site will house the 250 hotel and serviced apartments overlooking Legoland, while the towers to the south will accommodate the residential apartments, with a view of Puteri Harbour.
"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," said Dennis Chiu, Director at Tang Group, adding that the company will continue to venture into Malaysia, particularly in Southern Johor.
Syed Mohamed Syed Ibrahim, President and Chief Executive Officer of Iskandar Investment Berhad, said the company wants to create a modern metropolis within Iskandar and Nusajaya as part of their continued aspiration towards development, as well as an assurance to their Singaporean partners and investors.Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@allproperty.com.sg
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