I-Berhad acquires land in KL
I-Berhad has acquired 0.42 hectares of land in Jalan Changkat Kia Peng in Kuala Lumpur to build a luxurious high-rise project, the Grand i-Residence, with an estimated gross development value (GDV) of RM820 million.
Worth RM132 million, the land located in the vicinity of the Kuala Lumpur City Centre, was purchased from Sumuracres Sdn Bhd via I-Berhad's subsidiary, I-Marcom Sdn Bhd.
In a statement today, I-Berhad said the Grand i-Residence will comprise 442 fully-furnished luxurious residential units, with an average selling price of RM2,300 per square feet.
The project is expected to commence in mid-2014 and slated for completion by mid-2019.
The land transaction will enable I-Berhad, the master developer of i-City, to expand its geographical footprint to include the heart of Kuala Lumpur.
"Grand i-Residence has also been designed to be an iconic project standing majestically at 50-storeys. It meets international standards and will be marketed internationally.
"This development will tower neighbouring projects and provide a
commanding view of the Twin Towers," I-Berhad's deputy chairman, Datuk Eu Hong Chew said.
He is optimistic that the project would contribute to I-Berhad's bottom line beginning next year.-- Bernama