KUALA LUMPUR (April 9): Ireka Corporation Bhd is set to jointly develop the Rimbun Kasia project in Nilai with Hankyu Hanshin Properties Corp (Hankyu Hanshin).

In a statement today, Ireka said Hankyu Hanshin will take a 45% share in Meadowfield Sdn Bhd, a wholly-owned subsidiary of Ireka, while Ireka will hold the remaining 55%.

It said Osaka-based Hankyu Hanshin is a wholly-owned subsidiary of Hankyu Hanshin Holdings, Inc, with core businesses in real estate, urban transportation, entertainment and communications, travel, international transportation and hotels.

Ireka said Hankyu Hanshin Holdings, Inc is listed on the First Section of the Tokyo Stock Exchange.

The company said the Rimbun Kasia development is a new residential enclave covering five parcels of a residential project, and one parcel of commercial project, over a 30.56-acre piece of land located in Nilai.

Ireka said that as a start, the joint venture between Ireka and Hankyu Hanshin will focus on the development of Dwi@Rimbun Kasia project, consisting of 382 residential units (203 of them dual-key units) in a 9-storey block, and another parcel of land which will have 465 residential units in two blocks of 29 and 19-storeys developed on it.

It said these projects will have a combined Gross Development Value (GDV) of over RM400 million.

The statement added that the remaining land parcels at Rimbun Kasia shall be developed by Meadowfield at subsequent stages, following the launch of the first two developments. 

“These properties will be developed under the ZenZ brand, the sister brand to Ireka’s iconic i-ZEN brand, and also leveraging off Hankyu Hanshin’s highly successful Geo brand of properties,” it added.

Ireka said this was yet another important milestone for the company, as it looks towards forming a strategic, longterm collaboration with Hankyu Hanshin to develop medium-end residential homes in Rimbun Kasia for the Nilai community and beyond.

Ireka group managing director Datuk Lai Voon Hon said the joint venture with Hankyu Hanshin will enhance the Rimbun Kasia development, leveraging on the latter’s experience in the affordable housing sector, track record and financial strength.

“This is very exciting for us, because the collaboration will also provide a strong foundation and a competitive advantage to the Rimbun Kasia development.

“I am very proud that Hankyu Hanshin has selected Ireka to be their development partner, as they seek to expand their operations in Malaysia. The Rimbun Kasia development will be their first project in Malaysia,” Lai said.

At midday break, Ireka traded last at 58 sen, with 5,000 shares done.