By Sharen Kaur - Published in NST Property, February 28, 2019
A
“GOLDEN triangle” is synonymous with an area noted for its economic
success, prosperity and influence, a mongothers, and reflects the growth
of a city.
China’s famed trinity of Hong Kong, Macau and
Shenzhen, forming the outer tips of the Greater Bay Area, is apt
representation of a golden triangle with its 68 million population,
US$1.4 trillion (RM5.7 trillion) gross domestic product (GDP) and
US$20,000 per capita income.
In the United States, even the
hugely-successful Silicon Valley has its own golden triangle area with
“golden” as an appropriate descriptor given the level of commercial,
residential, retail and hospitality real estate projects in that
particular region.
Back home, there is the highly-recognisable
golden triangle of Kuala Lumpur, encompassing the Bukit Bintang and KLCC
areas. This is the greater area that drives investments into the
country and also home to a large number of expatriates.
Shah
Alam, which is the capital city of Selangor, could very well be the
next golden triangle as it has all the ingredients to be successful.
Selangor
Menteri Besar Amirudin Shari has said rapid developments in I-Berhad’s
i-City, can turn Shah Alam into one of the centres of the Golden
Triangle area in the state.
Selangor, with its almost 25
percent contribution to Malaysia’s GDP, is the country’s economic power
house and most progressive and developed state.
According to
Amirudin, total investment in the state last year may have breached RM14
billion, the second highest in the last 10 years.
He said the amount would double the Selangor government’s RM7 billion target.
“If
you look at the record in the last 10 years, this is the second highest
achievement for Selangor. The highest was in 2014 when we achieved over
RM15 billion in investments,” he said after attending a reception
in conjunction with the Federation of Hokkien Associations of Malaysia’s
2019 Chinese New Year celebration.
Amirudin hopes more local and foreign investors will come to Selangor.
A DESIRED LOCATION
Shah Alam typifies all that is desired as a location of choice.
Being
the first planned city since Malaysia’s independence and the first city
in the country to use a centralised sewage system and underground
utility cables, Shah Alam’s pioneering moves over the years have seen it
emerge from the shadows of its faster-growing neighbours to become a
vibrant are a that has attracted property buyers and developers alike.
Due
to its status as the state capital, Shah Alam, including i-City, are
blessed with excellent infrastructure and connectivity, such as highways
and roads, which link it to seaports and airports, as well as keep it
within a 30-minute driving distance from all other areas in the Klang
Valley.
The number of highways connecting i-City to the rest of
urban Klang Valley attests to its strategic location at the heart of
Selangor’s golden triangle.
Public transportation needs are also
catered to, with the light rail transit (LRT) network from Bandar Utama
to Klang having a station in i-City.
Property valuers said i-City,
which is the biggest integrated development in Shah Alam that is linked
to an LRT is fast shaping to be the heart of Selangor’s golden
triangle.
Nawawi Tie Leung Property Consultants Sdn Bhd executive
director (investment/research and consulting) Brian Koh said i-City is a
well-conceived integrated sub-commercial centre for Shah Alam/Klang
with live, work and play components.
I-City would definitely lift up the image of Shah Alam and the overall Selangor as it further progresses, he told NST Property.
“I
strongly believe that more foreign investors would set up shop in
i-City. I-City has been an MSC Malaysia Cybercentre (development) for
several years now. What will likely attract investors to i-City is the
development’s MSC Malaysia Cyber centre status, excellent infrastructure
and highway connection,” Koh said.
He applauded I-Berhad founder
and group executive chairman Tan Sri Lim Kim Hong for having done a
fantastic job in putting the masterpiece together.
“He has the
drive and vision to take the project (i-City) from concept to reality
today despite the early challenges (in terms) of market perception of the
location and limited track record. The completion of the Central i-City
Mall will add to the buzz.”
WHAT MAKES I-CITY THE NEXT GOLDEN TRIANGLE?
1. Prosperity
i-City
is now a sought-after residential address with its last residential
launch, Hill10, having been snapped up at a benchmark pricing of RM1,000
per square ft (psf).
Located above the Double Tree
by Hiltoni-City, the Hill10 units are Internet of Things-ready and fully
furnished with four-star hotel-standard designs.
“The demand for
i-City as a residential address is also reflected in the speed at which
the developer’s launch price has more than doubled from about RM450 psf
for its i-Residence launched in 2012 (for an unfurnished unit) to that
for Hill10 in 2017,” said Lim.
2. Influence
i-City
has helped cement Shah Alam’s place on the world tourism map with its
theme park being listed by CNN Travel as one of the world’s top 25 most
colourful and brightest places.
Since its opening to the public in 2009, i-City’s theme park has attracted more than five million visitors a year to Shah Alam.
Its
City of Digital Lights with one million LED lightscapes, the Red Carpet
2 interactive wax museum and the SnoWalk falling snow and ice carving
experiences have continued to woo and wow visitors.
Lim said
i-City is a distinct exception to the notion of Shah Alam lacking
entertainment venues, with its blend of corporate, residential and
leisure components ingredients of almost perfect living.
“It has
been said that great cities have to continuously re-calibrate, renew and
reinvent themselves in response to ever-changing demographic,
technological, economic, and global advancements.
“Against this
backdrop, i-City will continue to push the boundaries yet again with its
development of work places of the future — one which inspires
innovation through the ability to focus, socialise, learn, collaborate
and rejuvenate under a single space— and living spaces of the future,
one which offers collaborative living spaces with quality facilities and
office-standard technology,” said Lim.
3. Economic success
The
i-City that is unfolding today is founded on the determination to offer a
fully-integrated lifestyle township with the infusion of cutting edge
technologies, characterised by a number of strategic alliances with some
of the world’s A-listers.
Lim said this strategy is a part of
i-City’s vision to be an international park, a status conferred on it by
the Selangor government as part of the administration’s drive for Shah
Alam to be an international city.
From i-City’s perspective, being
“international” not only means catering to the international community,
but also being an investment location of choice for global companies,
he said.
INTERNATIONAL APPEAL
Koh said what was once
an industrial focused area, the part of Shah Alam where i-City is
located has had a positive impact on developments and properties.
“It has gentrified the area. Earlier phase pricing for residential properties were launched in the RM400-RM500 psf range.
I understand the latest pricing is RM1,000 psf,” he said.
Perhaps
it is the international offering in i-City that is driving up property
prices, not just for units within the development but also in the
surrounding area, added Koh.
The 220-room Best Western i-City hotel is currently in its fifth year of operations.
Under construction is the 300-roomDouble Tree by Hilton i-City, and on the launch pad is the Fraser Place serviced apartments.
On the drawing board is a 400-room five star hotel to be operated by an international hotel group.
i-City
open edits International Convention Centre (iCCC) in November last
year, providing a platform to host Meeting, Incentives, Conferences and
Exhibitions events and weddings.
Coming up next month is the
opening of the RM850 million Central i-City Mall with one million sq ft
net leasable area — developed as a joint venture between the Central
Pattana Group of Thailand and i-City.
The mall will be augmented by the 300 units of CentralWalk high-street retail outlets.
Lim
said it is envisaged that these retail developments would transform
Shah Alam into a regional shopping centre and a destination of choice
for cruise ships stopping at Port Klang.
15 YEARS ON FOR I-CITY
Lim has come a long way since the project was first envisaged over 15 years ago.
The
first phase of i-City’s development comprising low-rise MSC Malaysia
Cyber centre Office Suites was a pioneering move for Shah Alam as i-City
became the first private sector MSC Malaysia Cybercentre development in
the country.
The MSC Malaysia Cybercentre status, the
International Park status as well as i-City’s recognition as a tourism
destination have contributed to the vibrancy of the place.
With Central i-City Mall, iCCC and theme park, Lim expects i-City to receive 12 million visitors this year.
Lim
said I-Berhad is confident to grow the numbers to 30 million visitors
over the next five years, given the opening of the DoubleTree by Hilton,
a second convention centre and the completion of Central Walk.
The
Central Walk is one of the key features of i-City. It has multiple
blocks comprising shopping, hospitality, leisure, convention and medical
hubs.
From a master layout planning perspective, CentralWalk
helps differentiate the commercial component of i-City with those of the
residential and office components. It is already an extension of the
City of Digital Lights.
This U-shaped complex stretches from the
Red Carpet 2 in the north west corner of i-City to the new Central
i-City mall in the south before U-turning to join The Jewel and the
i-City LRT station in the north east corner of i-City.
Designed as
a network of buildings with three wings, CentralWalk’s west wing
comprises 300 retail units with the Red Carpet 2 and iCCC as the anchors
while the Central i-City mall, coupled with the DoubleTree by Hilton
hotel, are the main stay of the south wing.
Lim told NST Property
that the seeds of inspiration for i-City as a golden triangle
development were planted back in 2005 when he and his management team
visited Universal City in the United States.
Universal City is a
121h a development that is home to Universal Studios, NBC, Universal
Studios Hollywood theme park and Universal CityWalk. The latter was
designed by renowned American architect, Jon A. Jerde, who was also the
master planner of i-City.
Lim said Universal City was seen as a perfect example.
Apart
from being a tourism destination and a business centre for the motion
pictures industry, the master plan for the site included a residential
neighbourhood and hotels.
“It opened our eyes to the possibility
of a vibrant mix-used enclave for businesses, residences, hospitality
and leisure to be undertaken by one developer with a long term outlook,
one which is financially sound and able to garner strong support from
the authorities.
“We were especially attracted by the
architectural concept of Universal CityWalk where a central pedestrian
spine serves as a link to all the various components. Thus it is not
surprising to see similarities in the architectural master plan of
i-City with CentralWalk pedestrian spine being home to the shopping,
leisure, hospitality and convention activities.”
Lim said
considering that only about half of the approved gross floor area has
been completed, there are still opportunities for i-City to contribute
to the economic development and prosperity of Shah Alam, further
strengthening its place as the centre of Selangor’s golden triangle.
“i-City’s
RM3 billion Tourism Masterplan, one that has been presented to the
Tourism Ministry, will see three hotels, a shopping centre, a theme
park, three convention centres and a medical hub among the many other
offerings in i-City. The next few years will see a five-star hotel and
medical hub coming on stream, apart from the Double Tree which is
currently under construction,” he added.
