Tuesday 9 April 2013


It is estimated that the GDV for i-City on 72 acres of freehold land in Section 7, Shah Alam, will exceed RM5b

Shopping mall is expected to open in 2016

The contribution from property development is expected to overtake the leisure division in 2013

Phase 1 and 2 of the residential incubator development comprising 4 tower blocks of MSC status SOHO with retail components ranging between 33 and 43 storeys each will be launched in 2013. 3001 SOHO styled units on a 12 acres site with GDV of RM1.3b to be developed in 3 phases. Phase 1 with a GDV of RM331m is expected to be launched in May 2013, Phase 2 in August 2013 and Phase 3 in 2014. These new launches would ensure that I-Berhad has continuous and increasing revenue stream from property development over the next 5 years.

Grand i-Residence, high end luxury serviced apartment with GDV of RM500mn on a one acre site located within the heart of KL City Centre expected to be launched in 4Q13.

RM50m has been invested in its leisure attractions. New attractions such as "Red Carpet", "Dead Sea" and "Scream" will be added to the WaterWorld and FunWorld.

The joint venture with Central Group of Thailand to develop a regional shopping centre that would be held as a long term investment. The construction work on this 1 million sq ft leasable area mall is expected to commence in mid 2013.

The group's other investment property plans include the 6000 car parks associated with the residential incubator development.

A quantum leap is expected in the estimated profit before tax of the group to RM65m in 2013 and a forecast profit before tax of RM120 in 2014.

The i-City interchange connecting the site directly to the Federal Highway is scheduled to be completed by September 2013.

The Shah Alam General Hospital within walking distance of i-City is nearing completion.

Land beside i-City has been designated by MBSA for the development of a new police station as well as fire station.

Today, less than 20% of the land has been developed while the completed built-up accounts for less than 5% of the approved built-up.

i-Residence, the first residential development in i-City, with a GDV of RM232m, launched in 2012, is targeted to be completed in early 2015.

i-Sovo is part of a two towers development on top of the car park podium, the other one being a 216 rooms 3 star hotel. Comprising 220 units of MSC Malaysia Cybercentre offices, the i-Sovo and the hotel are targeted for completion in the 3Q2014.

Over RM200m from the development of i-Residence and i-Sovo will be recognised over the next two years.

The i-City theme park is a 25 acres tourism that is organised into 4 precincts - City of digital lights, snowalk, waterworld and funworld.

In 2012, i-City received 5m visitors.

Pioneer Status for i-City theme park with 5 years tax incentives have been obtained, commencing from 4Q2012. Other government incentives for i-City include the waiver of entertainment tax for rides and attractions in i-City.

The group plans to invest another RM50m over the next few years.

Zero debt

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