Malaysia - Distinctive Ace Acquires Medini Land For RM 1.5 billion Mixed-use Project

November 12, 2012

    Distinctive Ace will pay RM 99.92 million for 18.05 acres of leasehold land in Medini for its business and lifestyle development 18 @ Medini.


    Iskandar Malaysia has secured another multi-billion ringgit investment, this time from Distinctive Ace Sdn Bhd. The firm is a unit of Distinctive Group, which was set up in 2011 to tap development opportunities in Johor, with a focus on Iskandar Malaysia.

    Distinctive Ace has agreed to purchase a leasehold plot spanning 18.05 acres in Medini from Iskandar Investment Bhd (IIB) subsidiary Medini Land Sdn Bhd. The deal is valued at RM 99.92 million.

    The company said that the land will be used to develop its mixed-use project 18 @ Medini, which will comprise business and lifestyle components with a gross development value (GDV) of RM 1.5 billion.

    According to CEO Lim Ech Chan, the project will be located in Zone A in Medini and will contain gross floor area (GFA) of 2.752 million sq ft, to be developed in four phases over the next five years.

    "The project will feature retail space, small office home office, small office versatile office, corporate offices, showrooms, food and beverage outlets, a business and entertainment centre, an indoor sports centre and an exhibition centre as well as service apartments and a hotel," said Lim.
    Carrying a GDV of RM 500 million, Phase One of 18 @ Medini is targeted to be launched in Q2 2013. It will comprise of shop offices as well as serviced apartments.

    "We are confident that 18 @ Medini will be a viable proposition for both local and regional investors, with an assurance of positive returns," commented Datuk Dr David Koh, Chairman of Distinctive Group.

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