SHAH ALAM (May 3): Property developer I-Bhd is planning to launch properties worth some RM5.312 billion from the middle of this year, said its deputy chairman Datuk Eu Hong Chew.

The new launches in the pipeline are all located in i-City, Shah Alam, namely Hill10 Residence, residential and smart office development Converge, The Jewel mixed development, and a retail development, Eu told reporters after the company’s annual general meeting today.

Targeted to be launched in June this year is Hill10 Residence, an Internet of Things (IoT)-ready serviced residences with a gross development value (GDV) of RM123 million.

The indicative selling price for the 200 IoT-ready serviced suites is about RM1,000 psf, Eu said.

In 2018, I-Bhd will be launching Converge, which offers two blocks of residential towers and a smart office development with a GDV of RM559 million and RM230 million, respectively.

Subsequently, from 2019, the developer will roll out the retail development with a GDV of RM470 million and The Jewel – a mixed development worth RM3.9 billion that consists of a five-star hotel, residential tower, tourism hub, medical hub and education institutions.

“i-City has contributed about RM300 million in sales every year since 2013. We are confident of achieving RM300 million to RM400 million sales from the development this year as well. We also expect double-digit growth in revenue from our property development segment,” Eu said, adding that the developer is on track to hit its RM500 million revenue target by 2018.

“We have RM500 million to RM600 million of unbilled sales today. There are also RM300 million worth of properties in Shah Alam that are available for sale – these will help us hit the target,” he pointed out.

Meanwhile, I-Bhd has reviewed its sales strategies for 8Kia Peng in KLCC.

The luxury residential development, which was launched in March last year, is only about 12% to 13% sold, to date. It comprises 442 units ranging from 660 sq ft to 1,140 sq ft, with an average selling price of RM2,200 psf.

Eu said 8Kia Peng had received significant interest from China investors when it was launched, as the project was targeted at foreigners who were eligible for the Malaysia My Second Home programme.

“We focused a lot on that particular market segment, which is now not that encouraging (due to China’s capital controls), so we have to go back and start all over again but we will still focus on the international community,” he said.

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