By S.PUSPADEVI puspa@thestar.com.my
PETALING JAYA: I-R&D Sdn Bhd, a unit of I-Bhd has inked a deal with
Hilton Worldwide Manage Ltd to develop a four-star DoubleTree by Hilton in
i-City.
This marks the second hotel in the area after the three-star Best Western,
which opened its doors last month.
Deputy chairman Datuk Eu Hong Chew said the construction of the DoubleTree is
scheduled to begin in the first quarter of 2015 and completed in 2018. The
project boasts a gross development value (GDV) of RM200mil.
“The Hilton group has recognised Shah Alam as one of the growth centres in
Klang Valley. Under the agreement, Hilton will operate the 300-room hotel, which
is part of the RM1bil investment property portfolio that I-Bhd is establishing
to provide a recurring income stream for the group,” Eu told a media briefing
after the I-Bhd and Hilton International signing ceremony yesterday.
The investment property portfolio comprises a 1.5 million sq ft regional
shopping mall called the CentralPlaza@i-City, three hotels, 8,000 car parking
lots and data centres, among others.
Eu said the development of hotels in i-City would help enhance the value of
properties there, apart from producing a recurring income for the group.
i-City is currently negotiating to develop a five-star hotel, which would be part of the Jewel@i-City development. This is slated for opening in 2020. It, however, has yet to establish a breakdown in contribution from the hotel segment.
“By 2018, half of I-Bhd’s revenue would be derived from its recurring income segments, namely investment properties and leisure park business.
“We are in search of landbanks for property developments as well as a larger (piece of) land in a rural area for the next theme park,” he said.
He added that it would continue to move forward with its development plans next year despite the slowdown in the property market.
The group recently raised RM800mil to fund projects for the next five years. It is confident that all of its properties in i-City would be sold by 2020.
i-City is currently negotiating to develop a five-star hotel, which would be part of the Jewel@i-City development. This is slated for opening in 2020. It, however, has yet to establish a breakdown in contribution from the hotel segment.
“By 2018, half of I-Bhd’s revenue would be derived from its recurring income segments, namely investment properties and leisure park business.
“We are in search of landbanks for property developments as well as a larger (piece of) land in a rural area for the next theme park,” he said.
He added that it would continue to move forward with its development plans next year despite the slowdown in the property market.
The group recently raised RM800mil to fund projects for the next five years. It is confident that all of its properties in i-City would be sold by 2020.
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