I-BERHAD (4251), an integrated ICT developer, will start to build three properties worth about RM700 million at its i-City development in Shah Alam, Selangor, by the end of this year- The properties are a serviced apartment block with over 100 units, a 210-room boutique hotel and a 300,000 sq ft data centre- Chief executive officer Eu Hong Chew said the projects are meant to improve its income and enhance the land value, which is now about RM400 million- "Because of the development model, we have vested interest to ensure that the property and land value will continue to be enhanced," Eu told Business Times during a recent study tour to Seoul, South Korea- i-City, a RM2 billion knowledge and tourism project which started in 2005, will be developed on 29ha, over the next 10 to 15 years- I-Berhad bought the land in the early 1990s for some RM60 million- Eu said the company had invested RM150 million in the development, which now boasts a broadband speed of 20Mbps with fibre optics network and a back-up power supply- Some 20 per cent of the land area has also been developed with cybercentre office suites, data-centres and an innovation centre with a combined 500,000 sq ft of space- Eu said the company is expected to sign soon a joint venture agreement with a major local property developer to build the serviced apartments- It also plans to do the same for the hotel development- For the data centre, I-Berhad has a strategic alliance with a company called HDC, controlled by Datuk Richard Fong Loong Tuck, who is Glomac Bhd group executive vice-chairman- "We believe that the tourism development will spur investment interest in i-City and demand for new office space," Eu said- Future developments at i-City will include a one million sq ft mall, almost equivalent to Mid Valley Megamall in Kuala Lumpur, a four-star and five-star hotel, amusement park and an animation studio- Eu said I-Berhad is in talks with foreign operators to help develop the mall- He declined to name them- It is learnt that I-Berhad is talking to a major operator in Australia- Earlier reports speculated that Singapore's CapitaLand Ltd would be its foreign partner-...

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