I-Bhd to bank on property investment, leisure sectors for growth

Eu:

SHAH ALAM: I-Bhd is banking on its property investment and leisure segments to contribute half of total group revenue in five years.

The property development segment contributed an estimated 90% of total group revenue for the financial year 2018.

Speaking after the group’s annual general meeting today, I-Bhd deputy chairman Datuk Eu Hong Chew said as at the end of 2018, about 70% of the shareholders’ funds have been invested in these two segments.

“Many of the properties for the leisure and property investment segments were only completed less than a year ago, so the contribution to the group’s performance for the last few years had come mainly from the property development segment.

“All this is set to change in the coming five years as we build up the tenancy of these properties.

“There will still be considerable property investments in the coming five years as the target is to establish a RM1bil investment property portfolio,” he said.

Currently, a second convention centre as well as the DoubleTree by Hilton hotel are under construction, both targeted to be opened by 2021.

Additionally, I-Bhd will be launching one smart residence tower and one smart office tower in the next six months, which will have a combined gross development value (GDV) of RM790mil.