UMLAND Plans RM1.4 Billion Mixed Property Developments In Iskandar Malaysia

KUALA LUMPUR, March 29 (Bernama) -- United Malayan Land Bhd (UMLand) has signed a Memorandum of Understanding with Iskandar Investment Bhd to undertake several property projects with an estimated gross development value of RM1.4 billion (US$45.6 million) in Medini, Iskandar Malaysia. UMLand Chief Operating Officer Lim Eng Kuan said phase one would commence soon, consisting of a commercial development featuring hotel, service apartment and retail buildings. "Currently, we are negotiating with Iskandar Investment on the land size we can acquire in Medini as well as eyeing several potential plots to develop our projects," he told reporters after the signing ceremony here on Thursday. "The proposed investment by UMLand does not only reflect the attractiveness of Medini as an investment hotspot but will add a new dimension to the vibrancy of the lifestyle development," said Iskandar Investment President and Chief Executive Officer Syed Mohamed Syed Ibrahim. UMLand is known for its first flagship Bandar Seri Alam within Iskandar region. Lim said: "We have acquired several parcels of land in the Iskandar region amounting to approximately 404.68 hectares earmarked for industrial, commercial and residential development. "This portfolio will ensure the continuity and growth in the future earnings for the group." -- BERNAMA