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News : I-Bhd looks to enhance i-City into transit-oriented development with LRT 3

2015 Jun 27

“WE are blessed and glad,” answers I-Bhd deputy chairman Datuk Eu Hong Chew when asked about the upcoming light rail transit line three (LRT 3) that will have a station in the heart of its flagship development, the i-City in Shah Alam.

I-Bhd, the master developer of the 29.1ha i-City, is now relooking at enhancing i-City into a transit-oriented development due to the LRT 3 plan – a completely new rail connection from Bandar Utama to Johan Setia in Klang.

“We already have the basic building blocks in the sense that our masterplan for i-City is to be a pedestrian-based development with overhead bridges connecting the 29.1ha ultrapolis.

“With the LRT 3 station next to i-City, we are looking at the possibility of providing a bus transit to the KTM Komuter station, i-City LRT station and i-City itself,” he says.

Eu says i-City has 72 acres of development land. “Of this, we have only developed about 20%. Under construction now is another 20% of the land area,” he says.

On the advantage of the LRT station and the proposed bus rapid transit (BRT) along the Federal Highway, Eu says i-City will be served by both the LRT and BRT.

“We are looking at how i-City can be the link between these two public transport nodes – LRT at the northern boundary and BRT at the southern boundary.

“i-City will own about 25,000 carparks when fully developed and we think that this can complement the park-and-ride concept associated with the LRT,” says Eu.

But details are still being planned to fully capitalise on the LRT connection to the coveted “ultrapolis”– a term used to redefine what a metropolis should be reflecting the nation’s aspiration to be a developed and high-income economy by 2020.

Eu says the proposed i-City LRT station will be located on the northeast of i-City, within 5 minutes walking distance to the Best Western i-City Hotel.

Will this bring up property prices and rental rates in i-City?

“The biggest impact for i-City is not so much the property prices or rental rates. Rather the LRT station will make i-City a more attractive location for call centres and business process outsourcing.

“We currently face challenges in attracting such sectors to i-City because these are people-intensive businesses that need effective public transport connectivity.

“And, of course, our theme park will benefit from the LRT station,” he says.

Currently, i-City is an MSC Malaysia Cybercentre-certified development and a world reference site for Cisco’s Smart+Connected Community.

It has also obtained an endorsement as a Tourism Destination from the Tourism and Culture Ministry and is considered an international park by the Selangor state government.

i-City sees an average of 90,000 visitors a week.

With all this in place, i-City is set to become a MICE (meetings, incentives, conferences, and exhibitions) hub for business and leisure travellers.

The park will “not give sky-rocketing earnings growth” but will be the “bedrock, together with the company’s property investment portfolio” once fully-completed, says Public Invest Research in a report.

In 2014, I-Bhd’s leisure division contributed RM47.78mil in revenue and RM12.9mil in pre-tax profit to the group.

The brokerage adds that I-Bhd’s property investment division, which includes the RM750mil Central Plaza @ I-City mall, is expected to open in 2018 and will contribute a “consistent” annual income of about RM17mil to I-Bhd.

In financial year ended Dec 31, 2014 (FY14), I-Bhd recorded a net profit of RM53.4mil on the back of RM261mil revenue.

Public Invest expects I-Bhd’s FY15 and FY16 revenue to grow to RM380.3mil and RM547mil respectively.

It notes that despite the property market being on an apparent downcycle, there is a visible shortage of property in the Klang and Shah Alam.

LRT 3 will be operational in 2020. Based on studies done by Prasarana, it is estimated that 450,000 workers and 50,000 tertiary students live along the LRT 3 corridor.

The RM9bil project will ferry passengers from 1Utama in Petaling Jaya to Johan Setia in Klang in 51 minutes. In total, there will be 25 stations along the 36km-long route.

From 1Utama, the train will head to Damansara Utama, Dataran Prima and Glenmarie in Shah Alam.

From there, the alignment leads to the Shah Alam Section 13 stadium before going underground for two kilometres, passing through Section 12 and Section 14 near the Shah Alam city centre.

Shah Alam’s largest neighbourhood, Section 7, will also have a station in the vicinity, dubbed the i-City station.

From there, the line will continue to Bukit Raja station, passing through Klang town before moving down to areas such as Taman Selatan and Sri Andalas before the final station at Johan Setia Klang.

There will be 10 park-and-ride stations with 5,000 parking bays at ground level.

The line will be integrated with existing and future public transport networks at four stations, including One Utama with MRT Sungai Buloh – Kajang Line, Station 3 with Kelana Jaya Line, Sirim with BRT Kuala Lumpur – Klang, and Klang Town with KTM Komuter.

This post has been edited by brensek: Jun 28 2015, 01:14 AM

You can secure iSoho units with only RM1,000 downpayment. 0% entry. PM me for more info if you're keen.

juz rm1,000 DP... it's market really bad eh

Why this thread so quiet? How is the rental over this residence??

How is the subsales market??

What is occupancy rate now??

no demand? bad sales?

LRT3 confirm delay la. nothing going on in shah alam, bu, klang for this line. mrt2 alrd started. Now the ringgit causing bigger problems highlighted below.

Lukewarm response to LRT3 rolling stock tender

THE weak ringgit has caused a new problem. The tender for the rolling stock for the third light rail transit (LRT3) project has seen only one party submit a bid that is causing a headache for the project delivery partner (PDP).

MRCB George Kent Sdn Bhd, which is the PDP for LRT3, is said to be in a dilemma. Accepting the tender will mean that it has no wriggle room to determine if the tender for the rolling stock is what the “competitive price” should be.

Should the tender for the rolling stock go through a fresh process, then there is a likelihood of further delays to the completion of the project. In both cases, the outcome can be detrimental to the PDP. Prasarana is said to have the final call in whether to proceed to call for a fresh tender.

When contacted by StarBizWeek, Prasarana managing director Datuk Seri Azmi Aziz declined to comment pertaining to the rolling stock tender, citing confidentiality and the Government’s procurement policy.

As the tender for the rolling stock has been postponed three times, any further hiccups can mean a delay in completing the LRT3, which is targeted to commence operations on Aug 31, 2020.

The tepid interest in the LRT3 rolling stock tender is a contrast to the interest shown for the mass rapid transit line from Sungai Buloh to Kajang, which received a much better interest and response from the industry as three bids were received for the supply of rolling stock. Three pre-qualified companies chose not to partake in the tender bid.

The tenders for the RM9bil LRT3 were conducted by Prasarana Malaysia Bhd, together with the PDP MRCB George Kent Sdn Bhd. The latter is a joint venture between Malaysian Resources Corp Bhd (MRCB) and George Kent (M) Bhd.

LRT3, which will consist of 26 stations (25 elevated and one underground), is projected to generate an economic internal rate of return (EIRR) of 21% and the new rail network is estimated to benefit 74,000 commuters daily and 500,000 city dwellers along the alignment.

The PDP for LRT3 line will earn a management fee of 6% of the total project cost. Upon completion of the project, Prasarana will take over from MRCB George Kent and assume responsibility for the operations of LRT3.

With a fee for the PDP pre-determined, a high cost of the tender than what MRCB George Kent has forecast would mean a hit to their margins. But should there be a reboot to the tender process, then other potential companies might be able to price their tender in ringgit terms, with the element of hedging, instead of US dollars.

Based on information received by StarBizWeek, the trend of weakening ringgit seems to be the source of the problem, which prevented other parties to register their interest in bidding for the tender.

It is said the fact that the tender price for LRT3’s rolling stock was to be quoted in the US dollar may have prompted many companies to avoid bidding for the tender.

This is because with the appreciation of the greenback, coupled with the downtrend of the ringgit, the bidders would have to fork out more for the successful completion of the tender and thus effectively eroding their profit margin.

It is believed that the only party which submitted its bid is a consortium comprising two China-based entities and a Malaysian company. The two China companies are CRCC ZhuZhou Locomotive Co Ltd and Siemens Ltd China, while their Malaysian counterpart is Tegap Dinamik Sdn Bhd.

CRCC ZhuZhou Locomotive is a key subsidiary of China Railway Construction Corp Ltd (CRCC), which is one of the world’s largest construction companies.

CRCC made headlines earlier in Malaysia as it teamed up with Iskandar Waterfront Holdings Sdn Bhd to buy a 60% stake in 1MDB’s Bandar Malaysia for RM7.41bil. It is also the engineering, procurement and construction (EPC) contractor for Penang’s mega-scale project, which covers a 6.5km undersea tunnel linking Penang to Butterworth and three expressways.

The corporation is also reported to be keen in bidding for the high-speed rail (HSR) project between Singapore and Kuala Lumpur, which was recently agreed by both the governments of Malaysia and Singapore.

In June 2016, Prasarana which is a state-owned urban public transport operator, announced the completion of the pre-qualification stage of LRT3’s competitive tendering. A total of 96 companies were selected out of 124 interested entities as potential tenderers.

The rolling stock is required to consist six cars accessible end-to-end and able to travel at a maximum speed of 80 km per hour with a waiting time of only two minutes. The rolling stock is also expected to support an hourly passenger capacity of 36,720 per direction.


thestar.com.my/business/business-news/2016/12/24/lukewarm-response-to-lrt3-rolling-stock-tender

Was thinking abt how much "potential" this icity has until their big maybanco branch can close n move elsewhere. A bank branch will only close when its performance is DEEP in the red as the costs to open a branch is high.

This post has been edited by Babizz: Jan 15 2017, 10:06 AM


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Maybank also moved???
Maybank draw the most crowd follow by PB...
Maybank branches draw cowds in days and night...if Maybank go then some tenants will defintely be going out

Yeap moved to aeon shah alam few month ago. Friends kid who is a young doctor in hosp shah alam says its quite OK place to stay if comfortable with d demography. Surely future thousands of units here will struggle even with mall due to oversupply of units n few tenants only. Flyover from FED highway looks like completing soon. also located close to the new west coast highway interchange in klang.

that is why dont just pandai talk talk talk when selling...first few years launching press con non stop
now show time and see how the mall perform and how great return is
this place from start i already flag a big NO
due to the reason you and I aware...just dont hv the spending power and u know "DEMOGRAPHIC"....and their retail shops from way back 7-8 yrs liau i think till now also struggling until Maybank moved in then people start to hope

press con is their strategy to con ppl liao. keep talking abt the mall but im sure d mall will do well. thousand of soxo unit here coming up n they still say its nt soxo cos suites.

Yes some of the resident in this area r racist n my friend kena b4 retail shop in SA is traditionally slow but bliv may pickup upon opening of highway..

Look at the upcoming supply in i city. VERY HIGH CHANCE of DEPRECIATION for hyde parisien etc.

Over the next 12 months, however, Ong says I-Bhd will be completing and handing over 3,360 high-rise units within i-City.
The units are i-SoHo (956 units, fully sold), to be launched by April; i-Suite (825 units, fully sold in the fourth quarter of 2017; Liberty, Parisien, Hyde 1,217 units (over 85% sold) in the first quarter of 2018 and 364 retail units.

Read more at http://www.thestar.com.my/business/busines...IjWbG6DDDAVE.99

Is i-City a decent place to go live ah (assuming cost is not an issue)? I mean traffic congestion wise, is it OK? If no, are the developers planning anything to alleviate congestion? How likely is the LRT3 to come up?

hill10 is launched

for a long time I have predicted that this mall will perform vry well but those liberty etc will underperform

time will tell.

Any justification?

I've mentioned before across many threads here. will inform after it happens. ..too many units. mall is unique but I don't see access from Klang side.