Medini Iskandar on the look-out for partners to kick-start The Compass

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Petaling Jaya: Medini Iskandar Malaysia Sdn Bhd (MIM) is open to joint venture opportunities with real estate developers and operators for the development of The Compass in Medini Iskandar, Johor, said its managing director and CEO Datuk Khairil Anwar Ahmad.

Located in Zone B’s or the Medini business hub’s development cluster, the 43-acre The Compass will comprise premium commercial buildings that are green building index-compliant, hotels, retail stores and serviced apartments. The cluster is poised to be a financial centre and the flagship development of MIM, he told The Edge.

“We are assessing our options for joint venture opportunities for The Compass and other plots ,” he said.

According to Khairil, The Compass will have a gross floor area of 1,769,314 sq ft and 18.26 acres of green space.

Meanwhile, Zone B’s The Pulse comprising Medini 9 and Medini 10, is looking for tenants. It is on track for completion by 2018, he noted.

Medini 9 is a 21-storey office building with a net lettable area (NLA) of about 420,000 sq ft. The building was launched in October last year and has a gross development value (GDV) of RM235 million.

With a NLA of about 416,000 sq ft, Medini 10 is a 27-storey office building with a GDV of RM244 million. It is expected to be launched by next year.

Khairil said MIM has heightened its marketing initiatives to complete the tenancy for Medini 9 and Medini 10 while focusing on delivering the completion of these office buildings.

“We welcome local and multinational corporations regardless of size, and small and medium-sized enterprises into Medini,” he said, adding that rentals for Medini 9 and Medini 10 are expected to range between RM5.50 and RM6.50 per sq ft.

Medini Iskandar is a greenfield development spanning 2,230 acres in Iskandar Puteri, Johor Bahru. It is expected to have a GDV of US$20 billion (RM81.6 billion) over the next 15 to 20 years and is slated for completion in 2045.

The development is split into four distinct development clusters, namely Medini North (Zone A), Medini business hub (Zone B), Medini Central (Zone C, D and E) and Medini South (Zone F).

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News Source:(Shawn Ng)

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