Eu:
SHAH ALAM: Property developer I-Bhd
will be selling residential and office units with a combined gross development value of RM700mil this year.
Deputy chairman Datuk Eu Hong Chew said sales will be from units of its I-City and 8 Kia Peng @KLCC projects in Shah Alam and Kuala Lumpur respectively.
“Over RM200mil will be from I-City and about RM400mil will be from 8 Kia Peng,” he said after the company AGM today.
Meanwhile, group executive chairman Tan Sri Datuk Lim Kim Hong said I-Bhd is very different today compared with five years ago, when it embarked on its first five-year growth plan.
“Back then, the group turnover was only RM66.7m with property development contributing about 37% of the turnover.
“In 2017, this segment accounted for 90% of turnover. We expect this profile to be maintained over the next five years,” he said.
I-Bhd, which is best known for its 72-acre I-City development in Shah Alam, registered a 16.6% net profit growth to RM24.49mil for the first quarter ended March 31, 2018, compared with the corresponding quarter last year.
It recorded a revenue of RM159.3mil which was 47% higher compared with the corresponding period last year.
In terms of segment performance, property development remained the largest revenue contributor for the quarter with RM147.9mil recorded, making up 93% of the group’s revenue, while the leisure segment came in at 6% of total group revenue or RM9.7mil.
The group’s unbilled sales as at March 31 stood at RM272.8mil and is expected to grow in tandem with the sales of the 8 Kia Peng @KLCC project, which is expected to contribute positively in a year or two.
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