ISKANDAR PUTERI: Medini Iskandar Malaysia Sdn Bhd (MIM) sees the next five to 10 years to be the most exciting growth period for the Medini City township project.
Managing director and chief executive officer James Tee said 10% of the township spanning about 902.44ha have been developed with another 10% of the total area still under construction.
“We still have many years to go before we can really see the transformation of Medini City into the new central business district (CBD) of Iskandar Puteri,” he said.
Tee said this after signing a memorandum of understanding between MIM and Universiti Teknologi Malaysia (UTM), which was represented by vice-chancellor Prof Datuk Wahid Omar.
Under the MoU, the company will recruit undergraduates and postgraduates from the university, particularly in the fields of engineering and construction for an internship programme fro three to six months.
“Interest from domestic and foreign companies planning to set up offices in the township remains strong despite uncertainties in the global economic growth,’’ he said.
Tee added that the completion of several catalytic projects in Iskandar Puteri over the last few years was a testimonial that the flagship development zone has been progressing and developing well.
About RM1bil has been invested so far on infrastructure in Medini since its inception in 2008, including improving connectivity and accessibility to the area.
He said the KL-Singapore High Speed Rail connecting Singapore and Kuala Lumpur with the station in Iskandar Puteri would boost development in Medini.
“The station located about six to seven km from the CBD here will definitely push demand for commercial, office and residential properties,’’ said Tee.
Medini caters to property development projects, which enjoy, among others, zero restrictions on foreign ownership, a RM1mil threshold for foreign property buyers and real property gains tax.
Medini, located in the 3,930.48ha Iskandar Puteri, formerly known as Nusajaya, which in turn forms one of the five flagship development zones of the 2,217 sq km Iskandar Malaysia, has three development clusters – the financial district, Medini Central, and lifestyle and leisure – with each developed by different developers.