SHAH ALAM: I-Berhad, the developer of i-City, a popular tourist destination in Selangor, today unveiled plans for its Central Tower development project.
It encompasses a mixed development of residential service suites and an office tower with a gross development value (GDV) of almost RM1.6 billion.
I-Berhad deputy chairman Datuk Eu Hong Chew said the Central Tower development would be integrated with the CentralPlaza@i-City shopping mall venture.
The latter is a 60:40 project between Thailand's leading retail property developer Central Pattana Pcl (CPN) and I-Berhad.
"The Central Tower development was originally part of the site development for the regional shopping mall in i-City.
"It is therefore logical to design and develop the Central Tower and CentralPlaza@i-City shopping mall developments in an integrated manner.
"We regard this as an all-round win-win situation, where the shopping mall and retail outlets stand to enjoy steady patronage from the captive market of our 'in-house' residential component on a daily basis.
"For I-Berhad, the integrated development has positive implications for both our property development via the residential enclave, as well as property investment through CentralPlaza@i-City," he told a media briefing on the Central Tower development project at i-City here today.
Eu said the first phase of the Central Tower development comprising two residential towers is expected to be completed in 2019, and will have a joint ground breaking ceremony with the CentralPlaza@i-City shopping mall in September this year.
He believes that the Central Tower development together with the CentralPlaza@i- City shopping mall which is expected to be completed by 2017,will give i-City a steady annual revenue of between RM500 to RM600 million in five years time.
Eu also said I-Berhad is set to gain RM20 million in net profit over 24 months from the disposal of its development rights and mall land in favour of the CPN joint venture.
He said the RM20 million cash proceeds would be used for general working capital for the group and to partially fund the development of common infrastructure, including roads as well as utility, within i-City
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