Thursday, October 24, 2013

I-Bhd acquires land near KLCC for RM132m

I-Bhd acquires land near KLCC for RM132m
Business & Markets 2013
Written by  
Thursday, 24 October 2013 13:05

KUALA LUMPUR (October 24): I-Bhd, the master developer of i-City, announced it has bought a 1.05-acre tract in the vicinity of the Kuala Lumpur City Centre (KLCC) to develop a luxurious high-rise project.

Located at Jalan Changkat Kia Peng, the land is acquired by I-Marcom Sdn Bhd (a subsidiary of I-Berhad) from Sumuracres Sdn Bhd for RM132 million. This is its maiden foray outside Shah Alam.

i-Berhad proposes to develop the Grand i-Residence on this plot, with RM820 million gross development value (GDV) project, the company’s statement said.

It will make up 442 fully-furnished luxurious residential units with an average selling price of RM 2,300 psf.

The project is expected to commence in mid-2014 and slated for completion by mid-2019.

Sumuracres is a wholly owned subsidiary of Sumurwang Properties Sdn Bhd, which in turn is wholly owned by Sumurwang Sdn Bhd in which Tan Sri Lim Kim Hong, the executive chairman of I-Berhad, has a substantial shareholding.

The RM 132 million purchase price is to be settled by way of the issuance of Redeemable Convertible Unsecured Loan Stocks (RCULS).

The RCULS will have 5-year tenure with an average coupon rate of 3.4 % per annum.

In addition, the RCULS can be converted to I-Berhad ordinary shares at RM 3.20 per share, representing a 15% premium to the past 5 days volume weighted average market price.

The RCULS scheme enables I-Berhad to settle the purchase price without incurring significant cash outflow on the onset.

Publish date: 24/10/13

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