Tuesday, July 9, 2013

New Multi-Billion Ringgit Development for Iskandar

With so many of them underway at the moment, it almost seems easy for yet another multi-billion ringgit investment story to slip under the headlines.

But projects like the mammoth Medini Empire development in Iskandar deserve to be shouted from the rooftops.

The deal will see Iskandar Investment Bhd (IIB) pair up with Mammoth Empire Holdings Sdn Bhd to create a 9.62-hectare commercial space with a gross development value of RM4 billion.

"Medini Empire will consist of office towers, hotels, serviced apartments, loft offices, retail space, convention centre, concert hall, lifestyle cinema and specialist retail shops," said IIB CEO Datuk Syed Mohamed Syed Ibrahim this week.

With construction due to begin in 2015 and finish by 2018, it is pegged to become a major benefit to the estimated 1.35 million people that will be living in Iskandar by 2025 – some 66 per cent of them making up the local workforce.

Mammoth Group Executive Director Datuk Danny Cheah Joi Yong was optimistic for the future of the region given its current growth trajectory.

"We see growth opportunities and are committed to further invest in Iskandar Malaysia to realise our vision of creating property developments that gratify the lifestyle demands of today," he said.

"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."

The latest cash injection will add to the dizzying RM111 billion worth of investment that has poured into Iskandar since its inception, cementing its place as a regional success story.

Investors, as the tentative display just prior to GE13 showed, do not put their money where their mouth is if there is any uncertainty - much less on such a large scale.

The continued run of high profile developments both in Malaysia and with Malaysian interests abroad (such as Battersea) is testament to the confidence that Barisan Nasional and in particular Prime Minister Datuk Seri Najib Razak bestow.

Such confidence in this day and age is hard earned and should not be taken for granted.

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