Saraya to develop financial district in IDR

Saraya to develop financial district in IDR
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KUALA LUMPUR: Saraya Holdings unit Millennium Development International is investing US$325mil to develop a new International Financial District Zone in South Johor.

Saraya said in a statement on Saturday that the subsidiary would act as the master concessionaire and land developer of the 365-acre project.

The company said that Millennium signed a memorandum of understanding last Wednesday with South Johor Investment Corp Bhd (SJIC) to build the International Financial District part of the first integrated development area in the Iskandar Development Region (IDR).

SJIC would be a strategic partner with a 30% stake, it added.

“Our investment in the International Financial District Zone fits well with our objectives and meets the need for a new financial hub to serve the expanding markets in Asia.

“Millennium is committed to making IDR a model for smart growth and a global destination of choice for commercial and financial services,” said Saraya vice chairman and chief executive officer Ali Kolaghassi.

Millennium is the urban development management arm of Saraya. – Bernama