I-BERHAD, the operator and developer of i-City, here, is confident of doubling its property development revenue to RM180 million by year-end from RM90 million last year.
The property development
segment has grown tremendously and is now contributing the
lion’s share of the group’s total revenue, with 73 per cent as at March 31 this year.
“Our current business plan is to ensure that within five years, we will have half of the group’s earnings coming from recurring income, leisure and property investment segments, while property development will make up the other half,” said its deputy chairman Datuk Eu Hong Chew after the group’s annual general meeting, here, yesterday.
“By then, we envisage that the group will be able to generate a revenue of about RM500 million from its property development projects annually.
“At the same time, I-Berhad’s investment property portfolio would breach the RM1 billion mark while revenue from leisure segment would reach the region of RM100 million annually,” he said.
Eu also said the group’s gross development value (GDV) has grown to RM7 billion from RM1.5 billion in 2005.
“We will definitely increase the GDV within the short to medium-term as we are eyeing more projects. It will be a double-digit growth from what it is currently,” he added.
For the next five years, I-Bhd intends to enhance its investment property portfolio to hit the RM1 billion mark, with developments of its CentralPlaza@i-City shopping mall and Central Towers expected to begin in the first half of next year.
Besides a RM700 million corporate exercise, which is being
undertaken to raise funds to support its property growth plans,
the group is also planning to increase visitors to i-City by 10 per cent this year from 5.5 million currently.