Monday, August 13, 2012
I-BERHAD is speeding up the developments of its RM5 billion i-City project in Shah Alam, Selangor.
Executive chairman Tan Sri Lim Kim Hong said the company had also been approached by several parties to replicate the i-City project in other cities.
"We will consider replicating i-City when the project is about 50 per cent completed. We expect to reach that in three to four years," Lim said after a dialogue session at Balai Berita, here, yesterday.
The 42ha i-City is a knowledge and tourism project with 18 office towers and residences, three hotels, a one million sq ft mall, a cybercentre, shop offices and retail units.
It will also have several leisure components like a snow walk, a theme park and a waterpark.
The project is 20 per cent completed.
Lim, who owns a 65 per cent stake in I-Berhad, has invested more than RM1 billion in the i-City project over the last five years.
In the next six months, I-Berhad will start building Soho (small-office-home-office) and Sovo (small-office-versatile-office) units, the mall and a three-star hotel.
There will be a total of 950 Soho and 220 Sovo units, with combined gross development value (GDV) of close to RM600 million.
For the mall and hotel, Lim said I-Berhad was expected to ink a deal within the next two to three months with international operators to jointly build and manage the properties.
Lim said in the next three years, the property development division would be the biggest revenue generator for the company,
I-Berhad aims to launch RM500 million worth of properties a year at i-City. This will give it a steady revenue of about RM500 million per annum from 2014.
Lim said he also expected the leisure division to hold strong, raking in RM50 million in revenue next year and up to 40 per cent in profit margin.
For the financial year ended December 31 2011, I-Berhad registered a pre-tax profit of RM1.84 million on revenues of RM27.3 million.
By Business Times