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Wednesday, December 14, 2011

I-Bhd in construction venture with Everbright

PETALING JAYA: I-Bhd yesterday entered into a strategic alliance with China-based Everbright International China to co-develop 12.14 hectares of land in i-City via a joint venture.

Everbright will have a 70 per cent shareholding in the venture. I-Bhd, in a statement here yesterday, said it will hold the balance stake.

Apart from financing the construction, Everbright will also lead a consortium of Chinese companies to set up operations in i-City, Shah Alam.

The development will be undertaken in two phases involving 5.66ha for the initial phase and the balance 6.47ha in the subsequent phase.

The first phase of the development is for a commercial hub with a gross development value of RM1.5 billion comprising a 92,903 sq m shopping mall and 185,206 sq m of mixed residential, MSC offices and educational institute.

By Bernama

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