Medini Empire is a mixed development comprising office towers, hotels, service apartments, loft offices, retail space, a convention centre, a concert hall and a cinema, set for completion in 2018.
Iskandar Investment Berhad (IIB) – an arm of Khazanah Nasional Bhd and the Johor state government that facilitates investments into the state’s economic corridor – owns 40% of Medini Empire and Mammoth Empire the remaining 60% in this RM4 billion development.
The project is to be built on two parcels of adjoining land spread over 9.71ha in what was the car park for Legoland.
This would be the first foray into Iskandar for Mammoth Empire, better known for its developments in the Klang Valley and Melbourne, Australia under the “Empire” banner.
The group was not concerned about an oversupply in the 3601ha Iskandar Malaysia because industrial and infrastructure development was set to create 860,000 job opportunities and spur population and housing demand, said executive director Datuk Danny Cheah.
Cheah said the joint-venture would further enhance Mammoth Empire‘s strategic position and allow it to cooperate with Iskandar Investment on the areas of relative competence while diversifying into other business areas.
Besides that, he said, Iskandar Malaysia was estimated to have a population of 1.35 million people by 2025 with 66 per cent of them being of working age.
The population was also projected to grow rapidly over the next 20 years.
“Therefore, we see growth opportunities and are committed to further invest in this region (Iskandar Malaysia) to realise our vision of creating property developments that gratify the lifestyle demands of today.
“We believe this joint-venture will strengthen our commitment towards achieving our vision and we are very certain that our investment will be rewarded in time to come,” he said.
“We are confident that their signature style will bring Iskandar Malaysia a step closer to realizing its vision as a world class liveable city,” IIB president and CEO Datuk Syed Mohamed Syed Ibrahim said.
Medini Empire, expected to be completed in 2018, is one of the investments in Iskandar Malaysia which has to date attracted RM111 billion worth of investment.
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