UMLand director Datuk Syed Ahmad Khalid Syed Mohammed said construction on the mixed development project in Medini, Iskandar, would start soon.
It is targeting local and foreign investors.
"Under phase one, we plan to build commercial properties such as hotel, serviced apartments and retail buildings," Syed Ahmad told reporters here yesterday after inking the deal with Iskandar Investment Bhd.
The latter was represented by its president and chief executive officer Datuk Syed Mohamed Syed Ibrahim.
Syed Ahmad said the company still negotiating with Iskandar on the land size that it could buy for the project.
UMLand chief operating officer Lim Eng Kuan said the proposed investment could boost Medini's attractiveness as an investment hotspot as well as complement its Bandar Seri Alam flagship project within the Iskandar region.
He added UMLand had already bought several parcels of land in the Iskandar region measuring 404.6ha, earmarked for industrial, commercial and residential development.
This will ensure the continuity and growth in the future earnings for the group.
Medini is located within the Nusajaya development zone, which is one of the five flagship developments of Iskandar, touted to be the country's engine of growth in the southern region.
Comprising an area of 902.8ha, Medini is one of Nusajaya's eight catalyst developments.
Others are Johor's new administrative centre, Puteri Harbour, a southern industrial and logistics cluster, Afiat Healthpark, Educity, an international resort and Nusajaya residences.
By Business Times
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