BOUTIQUE developer Link (THM) Holdings has formalised an agreement to purchase 5.9 hectares of land from Global Capital & Development (GCD), to develop mixed properties worth $1 billion in gross development value.
The site, which is located in Malaysia's Iskandar Medini, has been earmarked for a media village cluster, designed to support Pinewood Studio, a US$150 million film and television production facility that is projected to create over 3,000 jobs.
Known as Media Village @ Medini Iskandar, the project, which is expected to be completed in three phases over a period of five years, will feature a mix of SOHO units (Small Office Home Office), business suites and residential homes spread over seven tower blocks, and a retail segment which will present a fusion of seven distinct ethnic cultures under one roof.
Specifically, the project will feature four residential and three business suite towers, which will range from 25 to 35 storeys. Spread over 1.2 million sq ft, it will feature a combined total of some 2,000 units. Units range from 550-750 sq ft, and come in one-bedroom and two-bedroom configurations.
Each of the units offer flexible spaces - a buyer can choose to purchase two units and knock down the partition wall to create a larger three-bedroom unit. In addition, owners of the business suites will have concierge services, meeting rooms and a range of business facilities made available to them.
Founder and group chief executive of Link (THM) Kenny Tan said he intends to launch the units toward the end of the year, but added that he has already been approached by interested international institutional funds.
He also expects robust take-up rates from buyers in Singapore, Malaysia and the Asia Pacific due to Medini's strategic geographic connectivity, affordability, and absence of restriction on foreign ownership.
The retail segment, which will comprise about 70 per cent food and beverage outlets, will offer 1.1 million sq ft of net lettable area. Most significantly, the design element will boast a range of cultural themes, ranging from a Japanese Village (similar to Asakusa Street in Tokyo), to a Korean street, and an American street (similar to Rodeo Drive in California).
In addition, a 360-degree indoor observation deck will be built above one of the business suite tower blocks. Equipped with restaurants and event space, it will offer both residents and visitors a panoramic view of Iskandar Medini and Singapore.
Facing Pinewood Studios, Media Village@Medini Iskandar is located within minutes of Legoland, Hello Kitty, Wellness Hub and EduCity.
GCD is the lead investor in Medini, and is a concession holder of Medini Iskandar, whose lead shareholders include Iskandar Investment Berhad which is partly owned by Khazanah, and Mubadala, the Abu Dhabi government investment company.