Iskandar lands RM1.8b deal from Qingdao

Iskandar Investment Bhd, the catalytic project developer of Iskandar Malaysia, has secured a RM1.8 billion real estate investment from China-based company, Qingdao Zhouyuan Investment Holdings.

Qingdao Zhouyuan is a subsidiary of Hebei-based real estate developer, Zhouda Real Estate Group.

President and Chief Executive Officer Datuk Syed Mohamed Ibrahim said the investment project, over two phases, will commence next year and be over a period of about 10-15 years.

"This is the first real estate investment by a foreign company in Medini Iskandar Malaysia and the biggest project investment in the area, to date," he added.

He was speaking to reporters after signing two framework agreements with Qingdao Zhuoyuan for the development of mixed residential and commercial projects in Medini Iskandar here, today.

By Bernama