KUALA LUMPUR (April 13): Ireka Corp Bhd is projected to kick-start its Rimbun Kasia development, which has a gross development value (GDV) of RM1.3 billion, in Nilai by the second quarter of this year.

The company said the development is a new residential enclave covering a commercial and five residential projects on a 30.56-acre land in Nilai.

Ireka's group managing director Datuk Lai Voon Hon said the project is set to be kick-started by July, with the initial phase to be jointly developed with Hankyu Hanshin Properties Corp.

The GDV of this project is estimated at over RM400 million.

"We are looking at soft launching the project in July, and we are confident about the take-up rate based on our experience from previous projects," he said.

The project is expected to contribute to company by the third quarter ending March 2019.

Ireka said that as a start, the joint venture with Hankyu Hanshin will focus on the development of Dwi @Rimbun Kasia project, consisting of 382 residential units, 203 of which are dual-key units, in a nine-storey block, and another parcel of land which will have 465 residential units in two blocks of 29 and 19 stories.

Hankyu Hanshin is a wholly-owned subsidiary of Tokyo-listed Hankyu Hanshin Holdings Inc whose core businesses are real estate, urban transportation, entertainment and communications, travel, international transportation and hotels.

Ireka closed at 62.5 sen today, down 1 sen or 1.57%, with 47,000 shares done.