12 Jul 2013 11:19

Attn editors, in headline & intro, shld read as ..RM2 billion .. and not RM4 billion as sent. herewith corrected rptn

KUALA LUMPUR, July 8 (Bernama) -- Iskandar Investment Bhd (IIB) is partnering with Mammoth Empire Holdings Sdn Bhd to build an integrated commercial development, known as Medini Empire, on 9.62 hectares in Medini Iskandar with a gross development value of RM2 billion. IIB president/chief executive officer, Datuk Syed Mohamed Syed Ibrahim, said the company, through its wholly-owned unit, Medini Land Sdn Bhd, and Mammoth Empire's wholly-owned subsidiary, Mammoth East West Sdn Bhd, will invest over RM2 billion in the project, which was scheduled to start construction in 2015.

"Medini Empire will consist of office towers, hotels, serviced apartments, loft offices, retail space, convention centre, concert hall, lifestyle cinema and specialist retail shops," he told reporters at the signing ceremony of subscription shareholders' and lease purchase agreements between both parties and Cosmolane Development Sdn Bhd here today.

Cosmolane Development, which will later be known as Empire Iskandar Sdn Bhd, is 40 per cent-owned by Medini Land and 60 per cent-owned by Mammoth Empire.

Syed Mohamed signed for IIB and Mammoth Empire was represented by its group managing director Datuk Sean Ng and group executive director Datuk Danny Cheah Joi Yong.

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.

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. -- BERNAMA