Mid Valley City - 50 acres
i-City - 72 acres
Mid Valley City - ?
i-City - RM5b
GDV to acreage ratio
i-City's GDV/acreage ratio is as good as Mid Valley City's
Both have direct access from the Federal Highway. (direct link to i-city expected to complete by end of 2013)
i-City was planned by world-renowned urban planning firm, Jerde Partnership, which is famous for Roppongi Hills development in Tokyo and SP Setia's KL EcoCity project.
Joint venture with Central Group of Thailand to develop a regional shopping centre that would be held as a long term investment. Agreement is expected to be signed by end of May 2013. Will be built on 14 acres of land in i-City. Gross floor area 1.7m sq ft. Net leasible area about 1m sq ft. Upon completion of the mall, I-Berhad's 40% stake in the special purpose vehicle alone could possibly worth more than its current market cap.
Central Pattana, a subsidiary of Central Group, is the largest developer and operator of shopping centres in Thailand.
Participation of Thai Central Group could bring in some Thai components in the retail malls, something different from most of the malls in Klang Valley anchored either by Jusco or Parkson.
Audit earnings forecasts for FY13 and FY14 are profit before tax RM65m and RM120m respectively. EPS could be around RM0.50/share and RM1/share in FY13 and FY14 respectively.
Shah Alam General Hospital which is within walking distance of i-City is nearing completion.