I-Berhad to turn i-City into ultrapolis landmark

By Sharen Kaur
Published in NST on March 11, 2014

SCALING UP: Entrepreneur wants project to become world-class development and destination in Selangor

THE i-City project here, which is worth RM7 billion currently, is being "scaled up" further by its owner I-Berhad.

Founder and executive chairman Tan Sri Lim Kim Hong said there will be new product offerings soon that will turn i-City into an ultrapolis landmark and "centre of gravity" for Selangor.

These include adding a water-based ride, four- and five-star hotels for business and leisure, and better infrastructure, Lim said.

The Selangor government and I-Berhad are building a RM63 million flyover to link the Federal Highway to i-City.

"We are not stopping here. We want i-City to be a world-class development and destination," he said in an interview, here, yesterday.

I-Berhad is the master developer of the 29ha information communications technology (ICT)-based urban development, which comprises residential and office towers, hotels, a mall and theme parks.

The land was acquired in 1993 for RM60 million from the Selangor government and is currently worth RM400 million, Lim said.

The project was envisaged to be an ICT hub with gross development value (GDV) of RM1.5 billion when it started in 2005.

However, Lim later proposed to turn it into an even more attractive development by including tourism-related products and services.

In 2011, I-Berhad won a 21-year concession from the state government to manage an additional 12ha.

This raised the project's GDV to RM3 billion.

The award of MSC status and higher plot ratio in the last few years have helped to increase the GDV of the project to RM5 billion.

"As an entrepreneur who started this project, I am determined to make it sustainable for buyers, investors and stakeholders.

"The project has contributed to the state economy and set new benchmark in property prices," Lim said.

Lim has invested more than RM1.2 billion in the i-City project since it was started.

The project is now 20 per cent developed with more than RM2 billion worth of properties launched.

The i-City project in Shah Alam is being scaled up into an ultrapolis, says I-Berhad founder and executive chairman Tan Sri Lim Kim Hong (left). With him is vice-chairman Datuk Eu Hong Chew. Pic by Mohd Asri Saifuddin Mamat