24 July 2018, Tuesday, i-City – I-Berhad continued to register encouraging growth despite the challenging property market as well as Malaysian economy, with revenue for the first half of 2018 at RM266.5 million being 10.9% higher as compared to RM240.4 million in the corresponding period last year. At the same time, profit after tax of RM46.8 million for the period ending 30 June 2018 was 11.1% higher when compared to RM42.1 million for the corresponding period last year.
“The growth is mainly attributable to the growing demand in our higher-end King of the Hill – 8Kia Peng @KLCC project in downtown Kuala Lumpur City Centre,” comments Tan Sri Lim Kim Hong, Executive Chairman of I-Berhad.
“We expect to see continued sales for King of the Hill – 8Kia Peng in contrast to last year, which in turn will provide growth to I-Berhad for this year.”
In terms of segment performance, Property Development remains the largest revenue contributor for Q2 2018 with RM244.0 million being recorded, or 91.6% of the Group’s total, while the Leisure segment chipped in with RM17.9 million in revenue, or 6.7% of Group revenue.
“2018 is an important year for the Group’s first 5-year plan that has materialised and will then embark on its next 5-year plan. I-Berhad has recently unveiled this new plan to the shareholders at its Annual General Meeting held last month and received positive feedback. The next 5-year plan, while building on the foundations that the management team has laid over the past few years, will shift the focus to improving shareholders’ returns. Over the past 3 years, I-Berhad has achieved an average return on equity of approximately 7%. We are targeting to achieve a 10% return by the end of the next 5-year plan period, driven by a two-pronged strategy of further top line growth and operational improvements.”
“The Group envisages greater adoption of digital technology that will help achieve our goals. In the initial stage, the strategy was to incorporate digital technology as part of the infrastructure backbone for i-City, setting it apart from the other property development and giving it a competitive edge in terms of marketing. Continuing with this strategy in the upcoming 5 years, I-Berhad will move to expand on its usage to enhance operations with technology. Our recent strategic alliance with VISA Worldwide to make i-City a cashless city is a good example of these twin goals in play. The Group is confident that by providing a cashless infrastructure and facilities within i-City, we will be able to attract the discerning and the quick-adopters of technological advancements, in particular the millennials, to invest in i-City. At the same time, the cashless payment system is also expected to improve productivity and efficiency, reflected by our e-ticket scheme via i-City Mobile App for the Leisure Park.”
It is also worth noting that 2018 will be an exciting year for the Property Investment segment with the imminent completion and opening of the Central i-City shopping centre this coming year end.
Concurrently, the first phase of centralWalk i-City will be fully completed in conjunction with the opening of the Central i-City shopping centre. centralWalk is a pedestrian link that not only bridges the leisure and hospitality components of i-City with the Central i-City shopping centre but also provides the physical connectivity between the residential, commercial and lifestyle components of i-City with the i-City LRT3 station.
According to Tan Sri Lim Kim Hong, i-City was master-planned as an integrated urban centre. centralWalk is a key building block of this integration.
Developed by I-Berhad, i-City is a 72-acre freehold Ultrapolis located along the Federal Highway with direct flyover access. Envisioned as a intelligent city by Tan Sri Lim Kim Hong, i-City is an international business hub by day and lifestyle “haven” by night.
Seamlessly integrating smart living with it’s commercial, residential and leisure components, the Ultrapolis comprises of corporate towers, cyber office suites, serviced residences, hotels, data centres and a 1.5 million sq ft Central i-City shopping centre.
Certified as a MSC Malaysia Cybercentre, a Tourism Destination and designated as an International Park, the evolution of i-City continues to be an exciting journey. The presence of international brands with the likes of Servcorp Limited, Al-Rajhi Banking Group, Best Western and Hilton Worldwide, amongst others, are ringing endorsements of i-City’s attractiveness as an enclave for living and working. Central Pattana Plc of Thailand’s investment into the Central i-City shopping centre opening in November 2018 also marks i-City as a regional shopping hub.
7 WONDERS OF i-CITY :
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