IBN Bukit Bintang gets off the ground

This article first appeared in City & Country, The Edge Malaysia Weekly, on February 25, 2019 - March 03, 2019.

Chen (eighth from right), Kok (Chen’s right) and Yang (sixth from right), with the representatives from IBN Corp and KKH Pavilion Development at the groundbreaking ceremony for IBN Bukit Bintang

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Hong Kong-based IBN Corp Ltd held a groundbreaking ceremony for its second property development project — IBN Bukit Bintang — on Feb 20. Jointly developed with landowner KKH Pavilion Development Sdn Bhd, IBN Bukit Bintang is a mixed-use development that includes residential units and hotel suites in a single tower. It will sit on a 0.77-acre freehold parcel in Jalan Berangan, Bukit Bintang, Kuala Lumpur, where Fortuna Hotel is currently located.

IBN Corp’s first property development in Malaysia was IBN Highlands City in Jalan Meranti, Genting Highlands.

“[For IBN Bukit Bintang] we are targeting 70% local buyers and 30% buyers from China, India and the Middle East,” IBN Corp director Datuk Seri Michael Yang said at a media briefing.

“The selling price has not been finalised, but it will definitely be more than RM2,000 per sq ft. Furthermore, we are going to refurbish the whole park that is located in front of the building as well as the walkway.”

Also at the event were IBN Corp chairman Chen Guohui and KKH Pavilion Development managing director Datuk Seri Kok Kuan Hwa.

The 68-storey building will have 607 units — 339 residential units and 268 hotel suites — with a total built-up of 730,062 sq ft.

IBN Bukit Bintang has an initial gross development value (GDV) of RM1 billion. Yang said it is expected to increase to RM1.5 billion upon completion in three years. The building will be 325m tall.

Yang said the company is in talks with a five-star hotel operator, but nothing has been finalised.

IBN Corp will be involved in an upcoming tourism project in Kota Kinabalu, Sabah, in the third quarter of the year.

A wholly-owned subsidiary of ShenZhen ZRPZ Group, IBN Corp manages overseas development projects and property investment. Using its expertise in industrial development and capital management, it is involved in project development, trading, property management, services, hotel management and utilities.