PETALING JAYA: I-Berhad (I-Bhd), master developer of i-City, today announced a RM100 million investment pledge in Redeemable Preference Shares from its major shareholder Tan Sri Lim Kim Hong.
The financial backing is geared towards expediting property development pipeline in i-City, to leverage the anticipated upswing in the property market. It also underscores a strong vote of confidence in i-City’s growth potential and strategic initiatives especially with the acceleration of Malaysia Digital agenda which extends towards digital townships.
According to Lim, it is a “shared vision for a future where technology and lifestyle intersect to forge unparalleled destination to eat, play and live. It reaffirms our strategy to not only construct buildings but also cultivate communities and experiences that resonate with contemporary urbanite”.
In the past two years, the group has been rebuilding its property development roadmap that was disrupted by the pandemic and is now positioned for significant growth where unbilled sales increased to RM113 million at the end of 2023 from RM39 million in the same period in 2021.
As such, the group is accelerating the completion of the current projects to ride the wave of the expected upturn in the property market.
In a press statement, the group said the RM100 million infusion will catalyse the development of the remaining gross development value of RM5 billion and strengthen the path for growth and prosperity.
With the financial backing in place, the group is set to grow its RM1 billion investment property portfolio and maximise returns from assets such as GBI Grade A Mercu Maybank corporate tower, 5-star DoubleTree Hilton i-City, Best Western hotel, Central i-City regional mall, Tier-3 Data Centre and carpark facilities. This focus enables i-City to deliver a compelling value proposition to both tenants and business partners, ensuring enhanced profitability and growth opportunities.
I-Bhd said the group’s unwavering focus on positioning i-City as a vibrant destination has created sustained long-term multiplying effects for its property development, property investment, and leisure divisions.
