PETALING JAYA (Oct 18): Mah Sing Group Bhd today (Thursday) announced that it has signed a 99-year lease agreement with Medini Land Sdn Bhd for two parcels of land in Iskandar Malaysia for RM74.7 million cash consideration.
According to the group's announcement on Bursa Malaysia, its wholly-owned subsidiary Tropika Istimewa Development Sdn Bhd has signed the lease purchase agreement today.
The land has a gross floor area of 2.14 million sq ft located in prime area in Medini, Iskandar Malaysia with a potential gross development value (GDV) of RM1.1 billion.
The lease price was at RM34.906 per sq ft. The land is located at Medini North in flagship Zone B in Iskandar Malaysia. The project is tentatively called Meridin@Medini.
Mah Sing said that based on preliminary plan, Meridin@Medini will be developed as an integrated development, comprising Meridin Suites residences, Meridin Linx small office versatile office (SoVo), Meridin Walk lifestyle retail and Meridin Exchange corporate towers.
"The Meridin@Medini will further strengthen the group's foothold in Johor Bahru, following the success of of its township developments there ie Sri Pulai Perdana, Sri Pulai Perdana 2, Austin Perdana and Sierra Perdana.
"Together with the recently released Mah Sing i-Parc@Iskandar industrial project, the group will have a combined remaining GDV of RM2.3 billion within the economic corridors of Iskandar Malaysia," the group stated in the announcement.
It said subject to the authorities' approval, the development is expected to commence in the second half of 2013 and to be developed over a span of five years.