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Thursday, May 29, 2008

IGB expanding Mid Valley development

KUALA LUMPUR: IGB Corp Bhd is expanding its Mid Valley City development, which would see the group launching two 42-storey blocks of condominiums.

Group managing director Robert Tan said the two blocks would have a gross development value of RM750mil. The units are due for launch by the third quarter.

Robert Tan

The condominiums, which would cost about RM650 per sq ft, would be the last component in Mid Valley City, he told reporters after the company AGM yesterday.

Tan also said IGB was looking to build a hotel each in Bangkok and Australia as it sought to expand its hotel business overseas.

The proposed RM200mil hotel in Bangkok would be undertaken by a joint venture between IGB and a foreign party. Under the joint venture, IGB’s 49% stake would cost RM100mil. The hotel would be managed by IGB’s hotel management arm, Cititel Hotel Management Sdn Bhd.

Construction cost was estimated at A$80mil to A$150mil, Tan said.

On its Micasa hotel property in Kuala Lumpur, Tan said IGB was keen to dispose of a 50% stake and was in talks with an interested party.

By The Star

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