Friday 8 March 2013

I-Bhd Aims For Jump in Profit From I-City Development This Year

Source: Bernama
8 March 2013

KUALA LUMPUR, March 8 (Bernama) - I-Bhd is aiming for a jump in profit from the property and tourism segments of I-City this year to more than RM50m from RM18m in 2012.

I-City is a RM5b development in Shah Alam and set over 29.14ha (72acres). It is also a MSC Malaysia Cyberjaya township and an international business hub.

It comprises corporate, leisure and residential components, including a shopping mall, office towers, cyber office suites, hotels, serviced apartments and data centres.

I-City has also been declared a tourism destination and international park.

I-Bhd Executive Chairman Tan Sri Lim Kim Hong said the main profit drivers at I-City will be the increasing revenue stream from ongoing and new property projects as well as upcoming leisure attractions.

He said the leisure division in I-City had been achieving double-digit growth since its opening in December 2009.

"In 2012, the revenue was RM32m, double that for 2011," he added.

The Group expects the same growth trend for 2013 driven by increased attendance at the existing attractions, as well new ones.

"A new attraction in 2013 will be an Interactive Wax Museum, Red Carpet," Lim told Bernama.

He said the Red Carpet, due to be opened to the public in August, will provide visitors with close to real-life simulating experiences with renowned celebrities, political figures and legendary icons, among others.

"With an investment of between RM20m to RM25m, it comes with audio and motion automated figures of over 100 human characters.

"We believe the I-City theme park in Shah Alam is well positioned to tap into the tourism market," he added.

According to Lim, I-City attracts an average of 90,000 visitors weekly and with the completion of new attractions, it has the potential this to increase to 20% more.

He said while the main revenue contributor over the past few years had been the leisure division, this is set to change in 2013, with the property development division, expected to set the pace.

"For this year, the group expects to launch phase 1 and 2 of the Residential Incubator Development project in I-City, comprising 4 tower blocks of MSC Malaysia status small office home offices, with retail components and ranging between 33 and 43 storeys each," he added.

The project has a total GDV of RM1.1b on 4.85ha (12 acres), to be developed over 3 phases.

"The first phase with a GDV of RM331m is to be launched next month, phase 2 in August and phase 3 in 2014," Lim said.

As for 2014, Lim said I-Bhd is targeting a profit of RM100m to be derived from both the property and tourism segments of I-City, as well as the luxury condominium property development project in Jalan Changkat Kia Peng in Kuala Lumpur.

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