#Latest* i-City to launch condominium, Soho offices in 2H2010

SHAH ALAM: I-Bhd, the developer of i-City (pictured) in Shah Alam, will be launching a high-end residential condominium and Soho offices in 2H2010, said Eu Hong Chew, chief operating officer of I-Bhd.

"If you look at our master plan, we are basically a commercial development with over 95% planned for commercial developments. We started off with commercial first because we know we can't compete with Shah Alam, which is essentially a residential area. More information about the condominium and Soho project will be announced soon," Eu told
theedgeproperty.com after the prize presentation ceremony for i-City: City of Digital Lights "Million Lights Million Hearts" photo competition today (April 21).

According to Eu, the company has secured 80% tenancy for its completed shopoffices, which offers a nett lettable area of about 300,000 sq ft, while another 200,000 sq ft of shopoffices are waiting for their certificate of fitness. A 50,000 sq ft data centre has also been completed and is fully tenanted by Kompaka and HTC Corp.

The rental for ground floor units ranges from RM4 psf to RM5psf, while the upper floors will go for RM2.50 psf to RM3 psf. The tenants are a mix of private and government entities like IT and knowledge-based companies and the Selangor State Government Investment Centre and POS Malaysia.

i-City, which began construction in 2005, was initially targeted for full completion in 10 years but the company, said Eu, did not factor in the economic downturn. "It looks like it will take us another eight years to complete the whole project," he said.

The RM2-billion development sits on a 72-arce freehold site in Section 7, Shah Alam. It comprises corporate towers, office suites, hotels, data centre hub, innovation centre, serviced apartments and a shopping mall (a joint venture with Singapore's CapitaLand).

Meanwhile, i-City has invested RM10 million to create the City of Digital Lights as a nightscape tourism spot to attract local and foreign tourists. It has so far successfully attracted an average of 5,000 visitors per night.

Phase 1 of the of the lightscapes was launched in December 2009 and phase 2 will be ready in June this year. According to Eu, the target is to increase the number of visitors to 10,000 per night upon the launch of phase 2.

The event was officiated by Datuk Seri Dr Ng Yen Yen, Minister of Tourism Malaysia.