I-Bhd to build mixed development towers/mall with RM1.8b GDV

KUALA LUMPUR (April 15): i-City developer I-Bhd today announced the development of two towers, one comprising hotels and residential service suites, and the other an office tower, with a gross development value (GDV) of RM1.2 billion.

This was an enhancement of its original plan to build the mixed development as a single unit along with a shopping mall.

However, the plan changed when Thailand retail property developer Central Pattana plc came into the picture as co-owner of CentralPlaza@i-City.

The shopping mall will be a 60:40 joint venture between Central Pattana and I-Bhd. It will have an estimated GDV of RM600 million.

All in, these developments will come with an estimated GDV of RM1.8 billion.

"For I-Bhd, the integrated development (of the towers and CentralPlaza@i-City) has positive implications for both our property development via the residential enclave, as well as property investment through CentralPlaza@i-City.

"In this manner, we are not only sustaining our growth story but also greatly enhancing the value of land," said I-Bhd's Deputy Chairman Datuk Eu Hong Chew.

The two mixed development towers, dubbed the Central Tower development, will have a total gross floor area of 1.6 million sq ft and will be erected adjacent to CentralPlaza@i-City.

The land for the towers was the asset injected into I-Bhd by its Executive Chairman Tan Sri Lim Kim Hong as part of the group's corporate exercise.

Meanwhile, Eu also said that I-Bhd is in the midst of finalising a firm dividend payout policy, and could announce the ratio as early as around the release of the group's financial results for the first quarter ended March 31, 2014 (1QFY14).

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