Mid Valley at Johor Bahru
News 29 March 2012
IGB Corp Bhd and Selia Pantai Sdn Bhd will jointly develop the Mid Valley City-type mixed project in Johor Bahru, known as ‘Mid Valley Johor'.
According to a report by the Business Times Malaysia, the project is the second City-type development for IGB and is the group's maiden foray in the state.
"Tentatively, the project will have a gross development cost of RM2 billion to RM3 billion. It took us 15 years to get Mid Valley City to what it is today. Hopefully, it will take us only half that time with the Johor project," said Robert CM Tan, Group Managing Director of IGB Corp.
However, there are still some issues that need to be addressed like land matters and finalising its development plan, which still requires approval, he said.
"We have not finalised the planning of the project. We will undertake a study to identify the best components. Right now, we plan to build a 1.5 million sq ft mall, either one or two hotels, high-end residences and commercial towers."
"We hope to resolve the land issues and other matters soon," he commented last Wednesday after signing the memorandum of understanding with Selia Pantai Sdn Bhd to establish a 70:30 joint venture company known as Southkey Megamall Sdn Bhd.
Tan added that IGB is also considering whether to construct a megamall in the north, most likely Penang.
"We are always looking for opportunities to expand. We are also looking for real estate developments overseas."
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IGB Corp Bhd and Selia Pantai Sdn Bhd will jointly develop the Mid Valley City-type mixed project in Johor Bahru, known as ‘Mid Valley Johor'.
According to a report by the Business Times Malaysia, the project is the second City-type development for IGB and is the group's maiden foray in the state.
"Tentatively, the project will have a gross development cost of RM2 billion to RM3 billion. It took us 15 years to get Mid Valley City to what it is today. Hopefully, it will take us only half that time with the Johor project," said Robert CM Tan, Group Managing Director of IGB Corp.
However, there are still some issues that need to be addressed like land matters and finalising its development plan, which still requires approval, he said.
"We have not finalised the planning of the project. We will undertake a study to identify the best components. Right now, we plan to build a 1.5 million sq ft mall, either one or two hotels, high-end residences and commercial towers."
"We hope to resolve the land issues and other matters soon," he commented last Wednesday after signing the memorandum of understanding with Selia Pantai Sdn Bhd to establish a 70:30 joint venture company known as Southkey Megamall Sdn Bhd.
Tan added that IGB is also considering whether to construct a megamall in the north, most likely Penang.
"We are always looking for opportunities to expand. We are also looking for real estate developments overseas."
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