I-Bhd sees better footing as business operations expand

PETALING JAYA: I-Bhd, the master developer of i-City Golden Triangle, sees signs of renewed optimism, where the rebound is evident in all of its major developments.

The group will move forward serenely as the rebound in its activities accelerates.

Mall traffic is back to 2019 levels of 90% at Central i-City Mall, which is a joint venture between Thailand’s largest retail property developer, Central Pattana Group, and i-City.

After transitioning to endemicity, the leisure theme park returned to profitability and regained its pre-pandemic foot traffic.

The i-City Convention Center is seeing good attendance, particularly due to pent-up demand as events and activities have not been able to take place for the past two years.

At the Best Western i-City, occupancy is currently 65%, while reservations for the ballrooms and banquet halls of the upcoming 300-room DoubleTree by Hilton have been taken in the first two weeks of the opening of the hotel, scheduled for August 2022.

The 52-story BeCentral offering luxury homes and set to launch in Q3 2022, has already received encouraging bookings while Mercu Maybank, the 33-story Grade A smart corporate office tower on Finance Avenue at i-City is 82% occupied with solid pipeline.

“We can hit the road running and would be able to see the signs of improvement during this very year,” I-Bhd Chairman Tan Sri Lim Kim Hong said in a statement after his AGM and his EGM today.

At the EGM, shareholders approved the extension of the RCUL of RM201 million for a further five years. The extension will provide the funding to enable I-Bhd to pursue its plan to become a one billion ringgit market capitalization company.

The plan, which was shared with shareholders, involved a four-pronged approach. Apart from rebuilding its property development pipeline to generate RM300 million in annual revenue, the group would also improve the yield of its investment property portfolio by RM1.0 billion. There will also be substantial investments in digital technology to maintain i-City as the #1 tech city and deliver a Metaverse experience at the theme park.

For the first quarter of 2022, I-Bhd recorded a net profit of RM1.44 million, compared to a net loss of RM4.54 million a year ago.

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