Ireka increases property development portfolio to RM1.9b

KUALA LUMPUR (Sept 26): Main market listed Ireka Corporation Bhd steps up its property development business with four projects worth about RM1.9b in gross development value (GDV). These projects are to be implemented over the course of the next five years.

Ireka is set to launch projects in Kia Peng and Nilai at the end of 2012.

Ireka is at an advanced planning stage for a boutique hotel and 200-unit serviced residences project at Jalan Kia Peng, which is adjacent to the KLCC Convention Centre. This is a joint venture project between Ireka and Aseana Properties Ltd (30:70).

The second planned launch, a garden living-themed housing development in Nilai, named Kasia Greens, consists of 142 super-linked houses. The project is located in the heart of Nilai’s education hub and close to amenities such as hypermarkets, golf courses and the Kuala Lumpur International Airport.

"We expect revenue from these property development projects to roll in come 2014," said Ireka executive director and Ireka Development Management Sdn Bhd chief financial officer Monice Lai.

Moving forward, Ireka intends to have a balanced focus on the construction and property development segments of their business.

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