WCT oh WCT

WCT to develop 18.12 acre land in Iskandar, with GDV RM1.5b

Business & Markets 2012
Written by Mohd Kamarul Azhar of theedgemalaysia.com
 Friday, 02 November 2012 16:15

KUALA LUMPUR (Nov 2): WCT BHD [], through its subsidiary WCT Acres Sdn Bhd, signed a 99-year lease purchase agreement with Iskandar Investment Bhd (IIB) for a property of over 18.12 acres for a consideration of RM99.47 million. The lease land will be developed into a mixed commercial project comprising office spaces, retail components and apartments in Medini North over the next five years. 

The project is estimated to have an estimated gross development value (GDV) of RM1.5 billion. "We are excited at the prospects as well as the future of Medini Iskandar, which will surely emerge as the nerve centre of modern lifestyles in the next one decade. Our initial venture, 1Medini condominium, garnered excellent interest from investor communities as well as the market and we are optimistic about our future ventures in Medini Iskandar," said Taing Kim Hwa, managing director of WCT.