Aptly named UMCity Medini Lakeside, the new development in Nusajaya, part of the Iskandar project in Malaysia, is developed by United Malayan Land (UM Land). Despite recent news about a possible supply glut in the Iskandar regions, in particular Southern Johor, the Malaysian developer is upbeat about the response to this new project as most of the existing developments are high-rise residential areas. One of the most recent launches in the same area was the RM2.5 billion River City @ Danga Bay.
Photo credit: UM Land
UMCity Medini Lakeside is situated next to a lake in Medini, and will feature 3 serviced apartment blocks, an office tower and a retail mall. Unlike residential units, serviced apartments may have an upper hand in terms of the extra values in service and maintenance. The units sold are “guaranteed” a 6 per cent annual return rate and investors will receive free stays at these apartments and similar brand apartments outside Malaysia. The 3 apartment blocks will be managed under the Shama Medini, Ozo Medini and CItadine Medini names. Nearby, there is another serviced apartment block, the 310-room Somerset Medini Nusajaya.
With all that building and construction activity going on in the Iskandar region, the next question might be how the government plans to bring businesses and internally or externally import a suitable population into the area. In the U.S and China, there have already been examples of ghost towns which are built up with hardly anyone living in them. How then would the authorities be able to combat this possibility and what have they already done to ensure a smooth passage to their desired goal or a bustling hub?
