I-Berhad Confident Of Achieving RM300 Million-RM400 Million Sales

Last update: 03/05/2017SHAH ALAM, May 3 (Bernama) -- I-Berhad, 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 that demand for properties in i-City would remain strong, underpinned by the progress from 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 today, Eu said the group was 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-Berhad's investment property portfolio to reach RM1 billion by 2020 at five per cent 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 expected a gross domestic value (GDV) of RM8 billion from the segment over next 10 years.

"Potential enhancement to i-City GDV would come from the i-City South Data Centre Complex, Clarke Quay@i-City, i-City as transit-oriented development, and re-development of low rise (buildings)," he said.

He added that the group targeted to gain RM100 million in revenue annually from its leisure segment, with growth driven by its hotels (Best Western, Double Tree, a 5-Star), MICE (meetings, incentives, conventions and exhibitions), and theme park, among others.