Sunway & Khazanah acquire Medini Iskandar land in Johor near Legoland

Property developer Sunway Bhd and Khazanah Nasional have jointly acquired two sites in Iskandar Malaysia worth RM745.3 million, making Sunway one of the biggest land holders in the Iskandar development region.

Totalling to 280-ha, the two adjacent land parcels in Medini Iskandar, Johor Bahru has an estimated gross development value (GDV) of RM12 billion.

The site called Zone F Medini will add 30 percent to Sunway’s previous landbank of 868-ha, and will boost the company’s GDV to RM32 billion.

Including this newly acquired sites, Sunway will have 755 acres of development land in Johor with a total GDV of approximately RM13 billion.

“Together with Khazanah, we are confident that we will be able to successfully establish a strong foothold in the state in the near future,” said Jeffrey Cheah, Founder and Chairman at Sunway.

“The project is expected to contribute positively to Sunway’s future earnings and cash flow by 2013.”

Zone F Medini is near Johor’s Senai International Airport and to Singapore via the Second Link Expressway.

“This acquisition is in line with our strategy to continue extending our expertise in building and managing integrated cities,” Cheah said.

“We want to replicate this expertise in Johor and develop an iconic development which will capture the local, regional and international market segments as we have done with our integrated developments.”

Source: HomeGuru

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