KUALA LUMPUR (May 25): Property developer IGB Corp Bhd is planning more mixed development projects in the domestic and overseas markets over the next five to eight years, with an estimated gross development value (GDV) of RM10 billion. 

As reported in The Edge Financial Daily today, group managing director Datuk Seri Robert Tan (pictured) said one of the company’s focus projects, Southkey Megamall in Johor, will take about 36 months to complete before its official opening in 2018.

The company will also open a new hotel under the St Giles brand in Sydney next month and plans are afoot for another hotel in Bangkok.

“We also have a development project in London, with a GDV of RM8 billion,” he told a press conference after the company’s annual general meeting and extraordinary general meeting.

Tan said the company is still “on the lookout” for potential landbank at strategic locations to build hotels, residential properties and shopping malls.

The property group, which is among the big landlords of retail and office space in the Klang Valley, expects its financial performance in the second half of 2015 to be very challenging due to easing consumer spending following the implementation of the Goods and Services Tax last month.

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