KUALA LUMPUR (July 9, 2013): Mammoth Empire Holdings Sdn Bhd, the developer of Empire Subang, has teamed up with Iskandar Investment Bhd to start a RM4 billion mixed development project in Iskandar Malaysia, Johor.
Construction work on the 9.5 hectares site located next to Legoland Malaysia is targeted to begin in early 2015. The project, when completed in 2018, will feature office towers, hotels, service apartments, loft offices, retail spaces, a convention centre, a concert hall, a state-of-the-art lifestyle cinema and specialist retail shops.
“The concept for the development is still going through a fine tuning process. The exact details like how many high rise towers yet to be finalised,” group executive director Datuk Danny Cheah Joi Yong told reporters at a signing ceremony between the two companies yesterday.
Cheah said the Mammoth Empire and its joint venture partner Medini Land Sdn Bhd will invest more than RM2 billion for the development.
Mammoth Empire will own a 60% stake in the JV company – Empire Iskandar Sdn Bhd. Meanwhile, Medini Land – a unit of Iskandar Investment Bhd – the remaining 40% in the JV.
“We are confident that their signature style will bring Iskandar Malaysia a step closer to realizing its vision as a world class liveable city,” IIB president and CEO Datuk Syed Mohamed Syed Ibrahim said.
Among Mammoth Empire’s development in Selangor, Kuala Lumpur and overseas include Empire Subang, The Ara Bangsar, The Loft and My80 Melbourne.
In a separate development. Kuala Lumpur based property developer Zikay Group has purchased a lease for a parcel of land measuring 1.32 hectares land in Medini to develop an integrated commercial development anchored on a concept of business and leisure activities in a park.
In a statement, IIB said the proposed development consists of SOHO, boutique retail, offices, hotel and serviced apartments.
Zikay Group is the second bumiputera company to invest in Iskandar Malaysia.
Zikay Group is a property development and construction company known for its construction of the Royal Selangor State Theater in Shah Alam, the landscaping works at Taman Rimba Alam in Putrajaya and its own signature development Mercu Zikay@ Kg Baru in Kuala Lumpur.
Source – The Star
Food for thought: The signing of the JV partnership marks another milestone and imprint of Mammoth’s signature to its empire. With the recent projects, Empire Damansara, Empire City and the future Empire City 2 in PJ is a clear indication of what a vision focused developer would do.
The development is indeed an investment worthwhile considering in a market as such. To understand property investment and do well, first invest in your Financial Education. Awesome!