I-BERHAD (4251), an integrated ICT developer, aims to launch a mixed real estate investment trust (REIT) worth more than RM1 billion in four to five years- The idea is to unlock the value of investments at i-City, the company's 29ha knowledge and tourism hub in Shah Alam, Selangor- I-Berhad chief executive officer Datuk Eu Hong Chew said the REIT will comprise data centres, an office tower, hotel, mall and carpark block- "We are growing our property portfolio- When we have developed 30 to 40 per cent of i-City, we will launch the REIT," Lee told Business Times recently- I-City, the first private initiative to be awarded the Malaysian Super Corridor Cybercentre status, is currently 20 per cent developed- The project started in 2005- The company has so far built cybercentre office suites, data-centres and innovation centre with a combined 500,000 sq ft of space- Al Rajhi Banking Group owns 200,000 sq ft of the space and the rest have been leased to multi national firms and small- and medium-sized enterprises- Lee said I-Berhad will double the existing 1,000-bay carpark block within the next two years to enhance its value- It has RM50 million in cash to fund the construction of new properties for the next three years- Lee added that the company will not borrow from banks at this point- It plans to plough back future profits for its investments in i-City- The company, helmed by its executive chairman Tan Sri Lim Kim Hong, aims to be profitable in fiscal 2011 with expected growth in all its three divisions - property development, property investment and tourism- For the nine months ended September 30 2010, I-Berhad posted a net loss of RM1-73 million on revenues of RM6-4 million- State-owned investment fund Permodalan Nasional Bhd holds 20 per cent of I-Berhad- ...

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