PETALING JAYA: I-Bhd has entered into a 30:70 joint venture (JV) with Everbright International China to co-develop 30 acres in i-City in Shah Alam.
The development will be done in two phases. Phase one, involving 14 acres with a gross development value of RM1.5 billion, consists of a one-million-sq-ft shopping mall and two-million-sq-ft mixed residential, MSC (Multimedia Super Corridor) offices and educational institute while the second phase involving 16 acres will have a GDV of RM2 billion.
City group CEO Datuk Eu Hong Chew said at the joint venture agreement signing ceremony recently that phase one was expected to be completed in 2016 or 2017 while the whole project, with a GDV of RM3.5bil, was expected to be completed by 2020. Construction works are expected to start next year.
The event was witnessed by Housing and Local Government Minister Datuk Seri Chor Chee Heung and Chinese Ambassador Chai Xi, according to media report.
“We have developed half of i-City already and the balance would be developed by Everbright,” Eu said. Apart from financing the construction, Everbright would also lead a consortium of Chinese companies to set up operations in i-City.
“We will be investing RM2bil with I-Bhd to develop i-City’s commercial project,” Everbright chairman/CEO Zhang Huaipu said.