Magazines Archives - 2011 July
Iskandar Investment, UEM Land sign deal for new mall project in Medini, Johor
MALAYSIA'S Iskandar Investment Berhad's subsidiary, Iskandar Harta Holdings Sdn Bhd (IHHSB) and UEM Land Berhad, a division of UEM Land Holdings Berhad (ULHB), have inked a deal to jointly develop a mixed-use project in Medini, Nusajaya, located in West Malaysia's southern-most state, Johor.
The two companies will hold a 55:45 stake respectively in Nusajaya Lifestyle Sdn Bhd, the developer and mall manager for the project dubbed 'Lifestyle Retail Mall and Residences @ Medini North', which will also be connected with Asia's first Legoland theme park, Legoland Malaysia.
With a total gross floor area (GFA) of 2 million sqf, the project is slated to provide "a unique retail, entertainment and lifestyle experience for the young and young-at-heart with emphasis on its nature theme".
As such, the mall will house colonnade-style retail outlets, al fresco dining areas, a cinema, bowling and arcade centres, and an indoor ice-skating rink, among others.
"Our objective is to provide a world-class development in line with UEM Land's overall vision for Nusajaya to become Asia's new regional city where the lives of all who live, work and play are enhanced and enriched," said ULHB's managing director and CEO, Dato' Wan Abdullah Wan Ibrahim.
The Phase 1A opening of the project has been scheduled to coincide with the opening of Legoland Malaysia, in September next year.
Iskandar Investment's president/ CEO and IHHSB's chairman, Datuk Syed Mohamed Syed Ibrahim, added: "This partnership is symbolic of Iskandar Investment's efforts to drive more domestic investment to Iskandar Malaysia and grow Medini into a vibrant, connected and liveable community.
"With our experience and network, Iskandar Investment hopes to marshal all of our expertise to establish Medini as a success story for years to come." ra
To view other stories, get a copy of Retail Asia. To subscribe, please download the subscription form from http://www.retailasiaonline.com/subscription.html