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Saturday, April 7, 2012

RM1b boost for i-City

I-BERHAD, an integrated ICT urban centre developer, is adding RM1 billion worth of new products at i-City, increasing the project's gross development value (GDV) to RM4 billion.

The company is adding a riverfront development called Clarke Quay@i-City and a 500,000 sq ft data centre complex to the project, said its chief executive officer Datuk Eu Hong Chew.

The data centre will be built on a 3.3ha site owned by the company directly opposite the 41ha i-City project off the Federal Highway.

Clarke Quay@i-City will be developed on a 1km stretch on the 7km Sungai Rasa, which is being upgraded by the state government under a flood mitigation development programme for Shah Alam.

"We expect construction on Clarke Quay@i-City and the data centre to commence by next year and in 2014, respectively," Eu said at the progress review update on the i-City development yesterday.

Present were Selangor Mentri Besar Tan Sri Abdul Khalid Ibrahim, Shah Alam mayor Datuk Mohd Jaafar Mohd Atan and I-Berhad founder Tan Sri Lim Kim Hong.

Eu said the project's GDV will exceed the RM4 billion mark as more products are added during the 10-year development period.

"Currently, the theme parks are located on undeveloped land. They will be relocated to the one million sq ft mall which we are building. That would give us more land to build other stuff," Eu said. So far, 20 per cent of the 41ha has been developed.

I-Berhad has another 12ha for landscaping and leisure activities, which was awarded by the state government in 2011 under a 21-year concession.

Eu said i-City is one of the key contributors to the economic growth of Selangor, creating new businesses and promoting foreign direct investments.

"When i-City is completed in 10 years, it will have a population of 25,000, and 50,000 knowledge workers. Now we get up to four million visitors a year and we are planning to triple that in 10 years," Eu said.

By Business Times

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