IGB’s hotel division expanding with St Giles brand

IGB Corp Bhd has yet again earned a spot on The Edge Top Property Developers Awards 2010 (TPDA), ranked fifth this year. The developer has in recent years placed great emphasis on recurring income from its developments and projects. It is among the few developers in the country with a varied portfolio of property-related business being involved in the hospitality, construction, retail and property development sectors.

“It is always nice to be considered to be one of the top ten in the country and the group is always on the look out for opportunities to develop new projects,” said Robert Tan, group managing director of the group during The Edge Property Excellence Awards 2010 last Thursday.

Its retail division in the form of Mid Valley Megamall and The Gardens Mall is doing very well and recently included a Louis Vuitton store, the third outlet in Malaysia and the first outside the city centre. Tan shared that it is looking at acquiring malls in other countries such as the UK.

Its property development is handled solely by its wholly owned subsidiary Tan & Tan Development Bhd which developed Desa Kudalari, the country’s first condo development and Sierramas, the country’s first gated residential development in a resort setting.  

It continues to offer niche residential projects such as Hampshire Place, Sierramas Garden Manor and Seri Ampang Hilir, and will be launching projects in Desa Pandan and along Jalan Tun Razak.
Tan (left) receiving IGB’s award from Housing and Local Government Minister Datuk Wira Chor Chee Heung
The construction division, under unit Ensignia Construction Sdn Bhd, will be starting the last phase of Mid Valley City in January 2011 with a commercial office block at a construction cost of RM250 million.

Its hotel division is expanding with the acquisition of a hotel in New York, which will be rebranded St Giles New York. The hotel was bought for US$82 million (RM255.02 million) by an associate company. St Giles hotels can also be found in central London, Heathrow Airport, Makati (the Philippines) and Penang, where IGB is also developing Cititel Express Penang.

This article appeared on the The Edge Property Excellence Awards 2010 page, The Edge Financial Daily, October 11, 2010.

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