This article first appeared in The Edge Financial Daily, on March 15, 2016.
KUALA LUMPUR: I-Bhd has launched 8Kia [email protected] King of the Hill, a high-end luxurious development in the central business district vicinity of the Kuala Lumpur City Centre (KLCC).
Prime Minister Datuk Seri Najib Razak, who officiated at the property launch, said I-Bhd’s 8Kia [email protected] project is a good example of the private sector contributing to propel Greater KL into the top 20 most liveable and economically vibrant cities in the world.
8Kia [email protected] features one block of 50-storey condominium on a freehold land with gross development value (GDV) of RM1 billion. The 442 luxurious residences, with selling prices from RM1.5 million, target international buyers from Hong Kong, Taiwan, China and Singapore.
“We are not worried about the current soft property market as we are targeting overseas buyers for this project and the initial responses from the international community have been positive. The weaker ringgit has worked to our advantage and made real estate in KL an attractive investment,” said the company’s deputy chairman Datuk Eu Hong Chew.
“For KL to be a top global city, our public transportation must be world-class. The various infrastructure projects rolled out by the government will help to attract global investors to invest or live in KL. To this end, we are looking at programmes like the Malaysia My Second Home to assist our buyers to set up residences in Malaysia,” he added.
8Kia [email protected] is I-Bhd’s maiden development project outside i-City, Shah Alam, which has a total GDV of RM9 billion. I-Bhd plans to launch the Hyde Tower, a RM268 million residential tower, in the first quarter of 2016 and the Central Towers, a RM1.2 billion mixed development, by end-2016.
For the financial year ended Dec 31, 2015, I-Bhd posted a marginal 1.4% decline in revenue to RM257.4 million from a year ago, while net profit fell 19.5% year-on-year to RM43 million.
The group’s unbilled sales as at end-2015 stood at RM691.7 million, up from RM546.3 million a year ago.