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Foreign firm to develop RM2.5b project in Iskandar Medini

Published on: Thursday, February 07, 2013

SINGAPORE: Link (THM) Holdings Pte Ltd, a privately owned property development group renowned for its boutique projects in Singapore, on Tuesday formalised an agreement to purchase 5.9 hectares of land from Global Capital & Development, the concession holder of Medini Iskandar.

Medini Iskandar's lead shareholders include Iskandar Investment Bhd and Mubadala, an Abu Dhabi Government investment company.

Link (THM) will turn the land into a development of mixed properties that was expected to be completed in three phases over a period of five years, the company said in a statement. Known as Media Village @ Medini Iskandar, the gross development value of the project is in excess of S$1 billion (RM2.5 billion), which is in the form of progressive payments of the land price.

This marks the first privately-owned Singapore property company to solely commit to a massive property development project in Medini Iskandar.

The development site has been earmarked for a media village cluster designed to support Pinewood Studio, a US$150 million film and television production facility that is projected to create over 3,000 jobs.

Once completed in 2018, there will be more than 2,000 small office home office and business suites of 1.2 million square feet of net saleable area, while the commercial properties consisting of mainly food and beverage outlets will take up 1.1 million square feet of net lettable area.

For the residential component, Link (THM) intends to build seven 25- to 35-storey tower blocks.

Media Village @ Medini Iskandar is 17 kilometres or a 10-minute drive from Singapore's Tuas Checkpoint.

Facing the entrance of Media Village @ Medini Iskandar is film-making firm, Pinewood Studios.

Legoland, Hello Kitty, Wellness Hub by Singapore Temasek and EduCity are minutes away from Media Village @ Medini Iskandar.

International universities such as the Newcastle University Medicine Malaysia, Marlborough College and Singapore's Raffles University Iskandar are located in EduCity. Notable future developments at the vicinity of Media Village @ Medini Iskandar are the financial district and a premium shopping belt, dubbed the 'Orchard Road of Singapore'.

Founder and Group Chief Executive Officer of Link (THM), Kenny Tan said: "We are excited to be involved in one of the largest and most ambitious development projects in Southeast Asia.

"Media Village @ Medini Iskandar indirectly extends our presence into the region as we expect the development concept for the mixed properties to attract both buyers and investors from the region and beyond.

Media Village @ Medini Iskandar also offers an opportunity for Link (THM) to share our experience in building high quality, environmentally-friendly homes, apartments and commercial buildings with vibrant work-live-play elements that Link (THM) is renowned for," he said.

Commenting on Link (THM)'s foray into Medini Iskandar, Datuk Syed Mohamed Ibrahim, President and Chief Executive Officer of Iskandar Investment Bhd (IIB), said: "As the strategic developer of catalytic projects in Iskandar Malaysia, IIB is pleased to have Link (THM) from Singapore investing and developing Asia's next destination hub right in the heart of Medini - Media Village @ Medini Iskandar.

Located next to Pinewood Studios, he said the new international production facility in Asia, Media Village @ Medini Iskandar would play a critical role in defining Asia's new creative arts production hub. - Bernama