Sustainability of future growth for I-Berhad over the next decade will be underpinned by the remaining 60 per cent of gross floor area (GFA) that has yet to be developed in its major flagship project, i-City in the capital of Selangor.

Founder and chairman Tan Sri Lim Kim Hong said, with its rapid development, i-City as Selangor’s “Golden Triangle” has created new business opportunities and investments.

“While preparing for new project launches within i-City, we remain focused on enhancing and extracting full value from the development where only 40 per cent of the GFA has been developed. Great emphasis has been placed in enhancing the community experience and holistic living within i-City,” said Lim.

Lim said the group’s strong track record has elevated I-Berhad’s reputation among investors and business partners, both local and foreign, enabling a virtuous circle for business growth.

“I am confident that I-Berhad is on the right path to many more significant achievements and i-City cementing its position as the heart of Selangor’s Golden Triangle,” he said.

For the financial year ended 2019, I-Berhad recorded a pre-tax profit of RM40.1 million on revenue of RM172 million.

Lim said he is happy with the results as the market has been rather challenging.

“Despite the challenging market conditions and gloomy economic environment, I-Berhad posted good results. In recent years we have been building up our project pipeline and realising project returns where about 97 per cent of new development launches have been sold,” said Lim.

The property development segment remained the largest contributor in 2019, attributed to the group’s strategy to build up its investment portfolio.

Lim said I-Berhad has been building its investment portfolio to enjoy recurring and less fluctuating income streams, notwithstanding the gestation period for these assets is relatively longer.

i-City is the country’s first property development project that features the City of Digital Lights theme park. With a million LED lightscape and various rides and attractions, it is now a much sought-after spot for night tourism in the country

Last year saw the opening of the RM850 million Central i-City Mall, making it the largest shopping destination in Shah Alam with local and international luxury brands.

The developer also recently completed its first GBI-rated corporate office tower equipped with Artificial Intelligence (AI) in i-City.

Lim said DoubleTree by Hilton hotel is expected to open its door in the second half of 2021 coupled with a second Convention Centre, strengthening the group’s asset base.

News Source: New Straits Times, 27th February 2020.

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