Working together: (from left) I-Bhd chairman Tan Sri Lim Kim Hong, China Enterprises Association in Malaysia president Zheng Jingbo, Chai, Chor and Zhang at the signing ceremony
PETALING JAYA: I-Bhd has entered into a 30:70 joint venture (JV) with Everbright International China to co-develop 30 acres in i-City, Shah Alam.
“The development will be done in two phases. Phase one, involving 14 acres with a GDV of RM1.5bil, will comprise a one-million-sq-ft shopping mall and two-million-sq-ft mixed residential, MSC (Multimedia Super Corridor) offices and educational institute.
“The second phase has a GDV of RM2bil involving 16 acres,” group CEO Datuk Eu Hong Chew said at the joint venture agreement signing ceremony yesterday. The event was witnessed by Housing and Local Government Minister Datuk Seri Chor Chee Heung and Chinese Ambassador Chai Xi.
Eu said phase one was expected to be completed in 2016 or 2017 while the whole project, with a GDV of RM3.5bil, was expected to be completed by 2020. Construction works are expected to start next year.
“We have developed half of i-City already and the balance would be developed by Everbright,” Eu said.
Apart from financing the construction, Everbright would also lead a consortium of Chinese companies to set up operations in i-City.
“We will be investing RM2bil with I-Bhd to develop i-City's commercial project,” Everbright chairman/CEO Zhang HuaiPu said.
There have been several major investments from China recently.
Last week. China's Shougang group announced a joint venture with Hiap Teck Venture Bhd to build an integrated steel complex in Kemaman, Terengganu.
Aluminium Corp of China has recently entered into a JV with Gulf International Investment Group Holdings Sdn Bhd and UAE-based business leader Mohamed Ali Rashed Alabbar to develop a US$1.6bil (RM5bil) aluminium smelting plant in Sarawak.
By The Star
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