Property developer Ibraco’s shares hit limit-up

KUCHING: Property developer Ibraco Bhd hogged the limelight when its shares hit limit-up.

The stock opened unchanged at RM1.72 and climbed swiftly to hit the limit-up price of RM2.23, up by 51 sen or 30%, five minutes into trading yesterday.

A total of 68,300 shares were traded at RM2.23, an all-time high since Ibraco was listed on Bursa Malaysia in 2004.

However, profit-taking activities soon set in and the stock retreated to below RM2. It closed 18 sen higher at RM1.89 with 225,000 shares changing hands. Ibraco was Bursa’s No. 2 gainer.

Ibraco, the city’s largest developer, which has delivered more than 10,000 residential homes, has reported strong sales of its recently launched first high-rise property development, The Park Residence, in Tabuan Tranquility.

The Park Residence comprises 10-storey and six-storey luxury condominium blocks with 90 and 88 units respectively.

The units have three or four bedrooms each, priced from RM488,000 to RM800,000. Two penthouse units with a build-up area of 6,800sq ft each are offered for about RM4mil each.

Ibraco managing director Chew Chiaw Han told The Star yesterday that in less than a month after the launch, some 50% of the units had been sold or reserved.

He said Sarawakians from other towns like Sibu were among the buyers.

The Park Residence is a gated residential development to be provided with a two-tier securitry system, including 24-hour CCTV monitoring and card-access technology.

Residents have access to community facilities like a clubhouse and function lounge, swimming pool, gymanisum and guest rooms.

Tabuan Tranquility, Ibraco’s flagship mixed development project, has a gross development value of RM517mil.

On the Stutong Height Apartment project launched earlier this year, Chew said all the 272 units in five-storey blocks had been sold or reserved.

Ibraco’s 75%-owned subsidiary Ibraco Pelita Sdn Bhd is undertaking the ambitious Kuching Waterfront extension project that is set to transform the city’s prime area into a vibrant leisure and entertainment hub.

The project will involve massive land reclamation along Sarawak River.

The nearly 1km waterfront will be extended for another 1km from Grand Margherita to beyond Jalan Chan Chin Ann. The project, expected to take five years, will feature several key zones:

l The Landscaped Garden Plaza or an open-air civic square for general public leisure, gatherings and events;

l The Riverfront Pedestrian Mall, a public promenade integrated side-by-side with the ground floor and facility podium of high-rise service apartments, creating an open-air promenade and semi-enclosed public walk, the latter of which would be ideal for restaurants, cafes and kiosks;

l The Festive Tourist and Entertainment Hub;

l An office park that houses both local and expatriate firms and,

l An exclusive waterfront residential development with a private jetty.

From here, Ibraco is spreading its wings to Bintulu where the company is in a proposed joint-venture mixed property development project with Bintulu Development Authority.

The project will involve the development of 125 units of three-storey shop offices and three units of eight-storey shop offices, a commercial plaza, a 12-storey office suite and commercial building, a 12-storey commercial cum serviced apartment and a 12-storey hotel and commercial complex.

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