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KUALA LUMPUR: I-Bhd's wholly-owned subsidiary I-City (Selangor) Sdn Bhd has entered into a management and development agreement with the Selangor government and Majlis Bandaraya Shah Alam (MBSA) for the development of the i-City area as Technopreneur Campus.
In a filing to Bursa Malaysia on Thursday, July 7, I-Bhd said under the agreement, the state government will grant I-City Selangor the temporary occupation licence (TOL) for 30 acres (12.14ha) of the neighbouring land for a period of 21 years, subject to revision every five years.
"The objective of the management and development agreement is to define the parameters for the development and management of i-City as a knowledge hub, tourism destination and as an international park," said I-Bhd.
It also said that the additional land could be used to create a garden environment and car parks while the increase in plot ratio would also result in higher gross development value for the company.
According to the filing, the plot ratio of the i-City development area could be increased from the current 1:3 to 1:5 while the Bumiputera sales quota for all the plots in the i-City development would be 30%.
"I-City Selangor would be allowed to establish and carry out the approved outlets and activities anywhere within the i-City area on a 24 hours per day basis.
"I-City Selangor would be authorised to manage, operate and maintain the i-City area throughout the 21-year concession period and in consideration, I-City Selangor would be reimbursed by MBSA up to 70% of the assessment charges paid by the owners of the properties in the i-City area," said the company.
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