Thursday, 4 May 2017

(The Edge) I-Bhd confident of achieving RM300m to RM400m sales this year

SHAH ALAM: I-Bhd, the master developer of i-City, is confident of achieving between RM300 million and RM400 million in sales this year from its Hill10 Residence@i-City project and other ongoing projects, said its deputy chairman Datuk Eu Hong Chew.

He also said demand for properties in i-City would remain strong, underpinned by the progress in its four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City.

Speaking to reporters after the company’s annual general meeting here yesterday, Eu said the group is also confident of achieving RM500 million in revenue growth by 2018, mainly driven by its property development segment.

“If we add up our projects in the pipeline and our unbilled sales, we are confident of achieving our RM500 million revenue target for 2018.

“Apart from the larger revenue contribution from the property development segment, we expect I-Bhd’s investment property portfolio to reach RM1 billion by 2020 at 5% rental yield,” he said, adding that the group’s property development segment chalked up RM383.6 million in revenue for the financial year ended Dec 31, 2016.

He said the group expects a gross development value (GDV) of RM8 billion from the segment over next 10 years.

“Potential enhancement of i-City’s GDV would come from i-City South Data Centre Complex, Clarke Quay@i-City, i-City as [a] transit-oriented development, and redevelopment of low-rise [buildings],” he said.

He added that the group targets to gain RM100 million in revenue annually from its leisure segment, with growth driven by its hotels, MICE (meetings, incentives, conventions and exhibitions), and theme park, among others. — Bernama