WCT agreement with Medini Land Sdn Bhd to undertake a Residential and Commercial Development known as "1Medini"

WCT Berhad ("WCT" or "the Company") wishes to announce that on 28th October 2009, WCT Land Sdn Bhd (“WCTL”), a wholly-owned subsidiary of the Company, has entered into a conditional Agreement (“Agreement”) with Medini Land Sdn Bhd (“MLSB”), a wholly-owned subsidiary of Iskandar Investment Berhad (“IIB”), to jointly undertake a residential and commercial development on a piece of 99-year leasehold land measuring 10.96 acres in area located in Medini, Iskandar Malaysia, Johor (“the Land”) which will be known as “1Medini”, through a special purpose vehicle known as One Medini Sdn Bhd (“OMSB”) with WCTL holding a 70% interest.
The Development, which is scheduled to be fully completed by 2015, will consist of 1,332 units of condominium and 68,800 square feet of commercial area for local retail businesses. Targeted to be launched in mid-2010, the Project offers owners an accessible, environmentally-friendly and sustainable property strategically located in close proximity to LEGOLAND Malaysia in Medini North, Newcastle University Medical Malaysia (NUMed) in EduCity, Kota Iskandar and the Iskandar Financial District. The Development boasts a thrilling view of Singapore on one side and LEGOLAND Malaysia on the other. It will also feature a beautiful sky garden. Construction and groundworks for 1Medini will commence in mid-2010 with the first phase of over 300 units ready by 2013. The Development is expected to yield a total Gross Development Value of RM600 million.