DNR: Distinctive in RM1.5bil property project

Iskandar Investment Bhd has signed a lease purchase agreement with Distinctive Ace Sdn Bhd, a member of Distinctive Group, for the latter to develop a parcel of land in zone A of Medini into a mixed commercial development project with a gross development value (GDV) of RM1.5bil.

The 99-year lease purchase agreement between the two involved the purchase of a gross floor area 2.75 million sq ft over 18.05 acres of land at a consideration price of RM99.9mil.

Distinctive Group chairman Datuk Dr David Koh said the entire project would be undertaken in four phases over the next five years.

“The first phase, comprising shop office and service apartments, would be launched in the second quarter of next year. The first phase will involve the development of a gross floor area of 957,000 sq ft with a GDV of RM500mil.

Koh further elaborated that the development, dubbed the 18@Medini, which would be close proximity to Legoland, would be at the very soul of Medini Iskandar with its colourful and diverse offerings to include retail spaces, small office home office, small office versatile office, corporate offices, show rooms, food and beverages outlets, business and entertainment centres, an indoor sports and exhibition centre, service apartments and hotels.

Projects of Distinctive Group in Iskandar Malaysia:

1st projectt: 1 Tebrau on Jalan Tebrau - a modern lifestyles mixed commercial project 

2nd project: 2 towers of 39-storey and 28-storey luxury apartments over 6.31 acres in the heart of Medini - joint venture with Medini Land Sdn Bhd to luanch Iskandar Residences 
3rd project: 18@Medini