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Old June 20th, 2013, 05:15 AM   #21
davidwsk
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IGB buys control into Iskandar developer and Medini project, Midvalley Southkey in the works

Posted on June 20, 2013 - Featured, Property News.


Tan: The acquisition will complement IGB’s strategy.

KUALA LUMPUR: IGB Corp Bhd has bought a controlling stake in a privately-held property firm based in Johor for RM33mil cash.

The company said in a filing with Bursa Malaysia that its unit Megan Prestasi Sdn Bhd would acquire 50% plus one share in Distinctive ACE Sdn Bhd under a share sale and purchase agreement with Datuk Kho Eng Hue @ Kho Eng Hooi.

IGB also inked a shareholders’ agreement with the vendors – Datuk Kho, Tan Nyap Keong @ Tony Tan, Datin Lee Min Mooi @ Lee Min May, Lim Ech Chan and Koh Bee Hoon. The transaction does not require shareholder approval.

Distinctive ACE had last November purchased four parcels of leasehold land in Pulai, Johor, from Medini Land Sdn Bhd totalling 72,940 sq m for RM99.92mil.



It has a total land bank of some 28.5 acres in Johor and has launched two projects there so far – 1Tebrau in Johor Baru city centre and Iskandar Residences in Medini.

IGB is to work with its new subsidiary to jointly develop an 18-acre plot in Zone A, Medini in Iskandar Malaysia into a mixed development with a potential gross development value of RM2bil. The yet-to-be named project is to comprise retail, serviced residences, offices and hotels.

IGB managing director Robert Tan told a press conference the acquisition would complement its strategy of “building to keep” for recurring income.

The group derived some 80% of its profit and revenue from recurring income generated by its hotel and commercial properties, he said.
http://www.starproperty.my/index.php...y-in-the-works
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Old June 20th, 2013, 03:19 PM   #22
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IGB and Distinctive team up in Iskandar project

By Fatin Rasyiqah Mustaza of theedgemalaysia.com
Thursday, 20 June 2013 12:07 Bookmark and Share


KUALA LUMPUR: Property developer Distinctive Group has announced that it will be partnering with IGB Corp Bhd to jointly undertake an integrated commercial development in Medini in Iskandar Malaysia, Johor.

The project, to sprawl over 18 acres (7.3ha) of land and to be located in Zone A, is projected to have a gross development value (GDV) of RM2 billion. It will include retail space, offices, serviced apartments and a hotel.

Distinctive Group executive chairman Datuk Dr David Koh said in a statement the partnership was a strategic alliance for both parties.

IGB will be participating in the partnership through its wholly owned unit, Megan Prestasi Sdn Bhd. Yesterday, Koh signed a share sale and purchase agreement (SPA) with Megan Prestasi for the purchase of a controlling stake in investment holding company Distinctive Ace Sdn Bhd, which is part of Distinctive Group.

According to IGB’s filing with Bursa Malaysia, Megan Prestasi is entitled to nominate and appoint any number of persons to form a majority of all executive, management, project and other committees in Distinctive Ace and exercise sole control over the entire management of all projects.

IGB said the project is expected to contribute positively to the earnings of the group in the future. Distinctive Ace is also entitled for tax incentives under the Iskandar Regional Development Authority’s incentive and support packages.

Meanwhile, Koh said for Distinctive Group, the collaboration with IGB would be its third foray into the Johor property market, after its first in 1Tebrau in Johor Baru city centre and Iskandar Residences, also located in Medini.

“This strategic alliance with IGB will enhance the value of the project as IGB would be bringing their renowned expertise into the development of the project,” he said.

He said Medini is already a property hot spot in the region. The proposed development has close proximity to Legoland, Pinewood Studios as well as a wellness centre to be developed by Khazanah Nasional Bhd and Singapore’s Temasek Holdings (Pte) Ltd.

Distinctive Group’s 1Tebrau development, with a GDV of RM386 million, is expected to be completed by the end of 2015. Its Iskandar Residences, with a GDV of RM600 million, spans 6.3 acres in Medini and is slated to be completed in 2016.

Earlier this month, IGB, through its unit Verokey Sdn Bhd, also entered into a joint venture agreement with Tower Ray Ltd for the establishment of a 50:50 joint venture company, Black Pearl Ltd.

The proposed collaboration was to explore opportunities for property investments in the United Kingdom and other businesses approved by both parties.


This article first appeared in The Edge Financial Daily, on JUNE 20, 2013.

http://www.theedgeproperty.com/news-a-views/11265.html
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Old September 3rd, 2013, 02:22 PM   #23
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Any News or Update?
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Old September 3rd, 2013, 04:11 PM   #24
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Nahh...

Don't seem like it... Same goes to abandon pacific mall and kemayan city...

It's September and still deserted...

Zzzzzzzzz.....
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Old October 21st, 2013, 06:16 PM   #25
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Mid-Valley Southkey Megamall in Iskandar to be completed in 2016
Bernama | Updated: October 21, 2013
http://english.astroawani.com/news/s...-in-2016-24320

KUALA LUMPUR: Construction of the RM6 billion integrated Mid-Valley Southkey Megamall in Iskandar, Johor, which began today, is expected to be completed late 2016.

The commencement of construction works ceremony for the megamall was launched by Southkey Megamall Sdn Bhd a 70:30 joint-venture between IGB Corp Bhd and Selia Pantai Sdn Bhd.

The project, which is also Johors single biggest integrated retail and commercial development, is sprawled over 14.57 hectares of land within the Southkey new township.

To be developed over 12 years, the focal point of the development will be a megamall offering a net lettable area of 2.5 million sq.ft. which will be undertaken in two phases.

"It took us 15 years to get Mid-Valley City in Kuala Lumpur to what it is today.

"Hopefully, it will take us only half that time to materialise this in Johor," said IGB Group Managing Director Datuk Seri Robert Tan in a statement today.

He was confident the megamall's central and prime location would draw Singaporeans to shop and holiday in Malaysia, adding that the project would be IGB Group's first foray into Johor.

"We are always on the lookout for opportunities. Ideally, we want to have Mid-Valley City-type developments in the south, central and north (Penang)," he said.

The integrated development will comprise eight 30-storey tower blocks featuring three hotels Cititel Johor Bahru with 675 rooms, Boulevard Hotel (450 rooms) and The Gardens Hotel (450 rooms).

There will also be four office blocks and one serviced apartment with 180 units.

IGB is the owner and operator of Mid Valley City in Kuala Lumpur while Selia Pantai is a public-private partnership between Selia Group and Johor State investment company, Kumpulan Prasarana Rakyat Johor.

Selia Pantai, which owns 133 hectares of prime land within flagship Zone A (Johor Bahru City Centre) of Iskandar Malaysia, is also the developer of the Southkey township.
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Old October 21st, 2013, 06:58 PM   #26
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https://www.facebook.com/SouthkeyProperties
http://www.southkey.com.my/
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Old October 22nd, 2013, 04:00 AM   #27
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Quote:
Published: Tuesday October 22, 2013 MYT 12:00:00 AM
Updated: Tuesday October 22, 2013 MYT 8:45:23 AM

RM6bil Mid Valley Southkey taking shape in JB

by desiree tresa gasper



The RM6bil project(pic) named Mid Valley Southkey Megamall will be about 30% smaller than the Megamall in Kuala Lumpur but will feature a similar design. IGB Corp Bhd group managing director Robert C.M. Tan said.





JOHOR BARU: Shopoholics in the Southern region will be thrilled as a new mall similar to Mid Valley Megamall in Kuala Lumpur will be set up here.

The RM6bil project named Mid Valley Southkey Megamall will be about 30% smaller than the megamall in Kuala Lumpur but will feature a similar design.

IGB Corp Bhd group managing director Robert C.M. Tan said that the project was a joint venture between IGB and Johor based Selia Pantai Sdn Bhd who had a 30% stake in the project.

“The first phase of the mall has officially started today and we expect the building to be completed by end of 2016.

“While the new mall may be slightly smaller than the original Mid Valley Megamall, it will have many enhanced features,” he said adding that a lot of improvements had been incorporated based on mistakes made in the construction of the first mall.

Tan said that Mid Valley Southkey Megamall would be built within the Southkey township area and would be built on 36 acres.

“Once completed, the mall will be largest shopping mall in Johor,” he said adding that the integrated development will include eight 30-storey tower blocks, four office blocks and one serviced apartment with 180 units.
http://www.thestar.com.my/Business/B...ape-in-JB.aspx
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Old October 22nd, 2013, 05:51 AM   #28
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IGB targets 2m shoppers monthly at Southkey
http://www.btimes.com.my/Current_New...#ixzz2iPocdbER



It will comprise eight 30-storey tower blocks featuring three hotels - Cititel Johor Baru with 675 rooms, Boulevard Hotel (450 rooms) and The Gardens Hotel (450 rooms).

There will also be four office blocks and a 180-unit serviced apartment.

The megamall will have six levels, of which two are basement. There will be elevated floors reserved for parking, with a total of 8,923 bays.The shopping mall, is scheduled to be completed in the last quarter of 2016.

Tan said the project will be like the Mid Valley City (MVC) in Kuala Lumpur, but about 30 per cent smaller in size. However, it will be an improved version of the MVC as IGB.
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Old October 22nd, 2013, 08:55 AM   #29
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Southkey Megamall will be located along EDL while Southkey Mosaic is along Jalan Bakar Batu together with the Lakefront project.
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Old December 6th, 2013, 09:05 AM   #30
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Southkey Megamall

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Old December 7th, 2013, 08:07 AM   #31
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Quote:
Originally Posted by Caspian2710 View Post
Southkey Megamall

frankly any artists can draw this maybe better even.
but to see it come to fruition?
sometimes I feel my children also can't see it
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Old December 7th, 2013, 11:14 AM   #32
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don't add The Gardens Iskandar Mall there

Quote:
Originally Posted by Caspian2710 View Post
Southkey Megamall

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Old December 26th, 2013, 04:55 PM   #33
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Quote:
Originally Posted by rizalhakim View Post
SouthKey Mosaic




https://www.facebook.com/SouthkeyMosaic?ref=stream
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Old December 26th, 2013, 04:57 PM   #34
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Southkey Progress as of Sept 2013


As of Oct 2013 (Ground Breaking)


As of Dec 2013



https://www.facebook.com/SouthkeyMosaic?ref=stream
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Old January 10th, 2014, 04:17 AM   #35
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The above pics are progress for Southkey Mosaic

Below pic is the actual site for Southkey Mid Valley:

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Old March 28th, 2014, 06:50 AM   #36
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Old March 28th, 2014, 08:49 AM   #37
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Really ugly ugly projects....

They shud do something like Westgate and JEM at Jurong East
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Old March 29th, 2014, 09:18 PM   #38
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Quote:
Originally Posted by xtremesportx View Post
Really ugly ugly projects....

They shud do something like Westgate and JEM at Jurong East
This would already be a huge upgrade from what JB's residential hoods currently have, if it ever gets built.
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Old March 30th, 2014, 07:34 AM   #39
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Old March 30th, 2014, 04:56 PM   #40
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so many cranes spotted
new hotel building next to ksl
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