UMLand expects foreigners to snap up its Medini units

KUALA LUMPUR: UMLand Bhd is confident that its soon-to-be-launched project in Medini Iskandar will be snapped up by foreign buyers.

Its group chief executive officer, Charlie Chia, said 70 per cent of its boutique service residences known as Somerset Puteri Harbour apartments had been bought by foreigners including Japanese and Singaporeans.

UMLand's subsidiary Lextrend Sdn Bhd signed a lease purchase agreement with Iskandar Investment Bhd yesterday for 5.2ha of prime development land in Zone B of Medini at RM82.49 million.

Strategically located at the junction of the gateway to Medini and near Legoland, the land will be developed into a mixed commercial and residential project comprising business and lifestyle components with an expected gross development value of about RM1.4 billion.

"This real estate jewel is expected to be launched in the second quarter of 2013," Chia said at a media briefing yesterday.

UMLand is also working with UEM Land to develop a mixed development project at its second parcel of land.

"With its strategic location neighbouring Singapore as well as its range of attractive fiscal and non-fiscal incentives, Medini@Iskandar Malaysia is poised to attract a growing influx of foreign and high level corporate investments."

UMLand has projects in four out of five flagship zones of Iskandar Malaysia and they include Bandar Seri Alam, Taman Seri Austin, Somerset Puteri Harbour and the forthcoming JB City Centre.

Iskandar Investment president Datuk Syed Mohamed Syed Ibrahim said the Lextrend projects will be implemented in four phases and are scheduled for completion in the next three to five years.

Iskandar Malaysia wants to create an eco-system of a modern metropolis and a liveable city but its ultimate objective is to nudge capital appreciation for the real estate properties in Johor.

By Business Times