PETALING JAYA: Property developer I-Berhad is set to focus on developing a Finance Avenue in i-City after a challenging two years battling with the Covid-19 pandemic.
I-Berhad Group noted that the measures imposed to control Covid-19 had derailed the group’s plan to become a billion-ringgit market cap company.
“The earnings for the past two years were marginal as the various revenue generating activities in i-City had slowed down. Prior to the pandemic, the group recorded a profit before tax of RM72.6 million for the financial year ended 31 December 2019,” they said.
However, all this is set to change with the opening up of the economy.
“Signs of this are evident with the number of visitors to the City of Digital Lights hitting an all-time high during last week’s Hari Raya long holidays.
“With more than RM1 billion worth of net assets, I-Berhad is in a strong position to achieve the billion-ringgit market cap. The group will continue to focus on property, leisure and property investment with the upcoming DoubleTree by Hilton hotel, International Convention Centre, Premium offices, retail suites (to be allocated for banks or financial institutions) and BeCentral residential, all of which are located in the Finance Avenue in i-City,“ it said.
This is in addition to the group securing Maybank as the anchor tenant with 1,500 staff relocating from their headquarters in Kuala Lumpur to Mercu Maybank corporate tower that is also located in Finance Avenue in i-City.
“The opening of the economy and gradual opening of international borders will also benefit DoubleTree by Hilton i-City with the hotel slated to open in the third quarter of 2022.
“Furthermore, the RM650 million GDV BeCentral residential units located in Finance Avenue in i-City at the launchpad have also attracted positive interest,” it said.
To fund the various activities in order for the group to resume its double digits profit growth, I-Berhad is also proposing to extend the RCULS that is due in August this year.
“A continuous pipeline of property development projects as well as a steadily increasing number of visitors to the theme park and shopping mall contributed to the success of I-Berhad prior to Covid-19.
“We are now rebuilding the development pipeline and investing in new rides and attractions to attract the crowd. The RCULS extension will ensure that we have the funds to get back on our growth track,“ said Tan Sri Lim Kim Hong, the chairman of I-Berhad.