Medini Ready To Attract Foreign Investors
Foreign investors, such as those from the Middle East and the Far East, are critical in determining the success of Iskandar Malaysia.
This is either in respect of project financing, acquiring properties to be developed, a place to live or a base for businesses.
With billions to be spent annually over the next two decades on the development of Iskandar Malaysia, it is obvious Malaysian investors alone cannot provide the financing.
Foreign partners are an advantage as they usually have the networking to promote the projects globally, and in Iskandar Malaysia, only top international developers are being invited to be partners.
A major marketing event for the development in Iskandar Malaysia next week, is Cityscape Dubai 2008, where Medini Iskandar Malaysia, now known as Node 1, will be unveiled. Cityscape Dubai 2008 will be held from Oct 6-9 at the Dubai International Exhibition Centre in the United Arab Emirates.
The largest business-to-business international real estate event in the world, it is expected to attract over 60,000 professionals from over 140 countries.
Medini will be developed by Rim City Sdn Bhd, a subsidiary of Iskandar Inverstment Bhd, in collaboration with its foreign business partners Mudabala from Abu Dhabi, Dubai’s Millennium Development International Company and Kuwait Finance House.
Iskandar Investment, formerly known as the South Johor Investment Corporation Bhd, is the super developer of Iskandar Malaysia with a landbank of about 2,750 hectares.
The foreign partners committed an initial investment of US$1.2 billion (RM4.1 billion) last year and it is being spent on land and basic infrastructure development in Medini. Medini, is a name inspired by the ancient capital of Johor called Ujung Medini, or “End of the Continent”.
The international mixed-used development on a 920-hectare site will be the growth catalyst for Iskandar Malaysia which is expected to be developed over a 15-20 year period for over US$20 billion.
The master plan for the development of Medini will be submitted by the year-end and approved in the first quarter of next year. The construction of the first building will be undertaken in the second half of 2009, said the head of marketing and business development for Node 1, Hanafiah Mansor.
Development such as Medini is needed to provide a quantum leap and the right benchmark for Johor, he stated during a recent press visit there.
Although the land is currently bare with just some preparatory works on the site, he highlighted that within the first six years, 50,000 people are expected to live and work in Medini. This will increase to 150,000 in 10 years and 300,000 people within the next two decades.