Cheyenne Hollis | Nov 06, 2012 | Comments 2
Infrastructure is one of the important reasons WCT Acres is building in Iskandar.
Acres signed a 99-year lease purchase agreement on Monday for 18 acres of land in Iskandar, Malaysia with an estimated gross development value of RM1.5 billion (US$ 489 million), the Malaysian Insider reported.
The land is in Medini City area and will be developed into a mixed commercial project comprising office space, retail and apartments over the next five years.
WCT Acres is subsidiary of WCT Land, a member of the WCT group of companies.
WCT managing director Taing Kim Hwa told the newspaper that the project is expected to start in the third quarter of 2013.
Hwa said that WCT had faith in the Iskandar project and that it is expected to provide reasonable returns.
"We hope we can go up market with this project and attract foreign investors from the neighbouring city state," he said at the exchange of documents ceremony with Iskandar Investment Berhad, the master developer of Medini.
Datuk Syed Mohamed Syed Ibrahim, CEO of IIB said Iskandar was seeing rising interest from Japanese investors looking for properties outside Japan.
Syed added Iskandar also offered a unique advantage as the infrastructure has been put in place so developers just have to put up the property unlike elsewhere in the country where property developers also have to build the infrastructure.
Filed Under: Country News • Malaysia • News
Article source: http://www.thethailandlinks.com/2012/11/26/wct-acres-prepares-new-development-for-iskandar/
0 comments:
Post a Comment