I-Bhd finalises structure to develop, lease and manage upcoming CentralPlaza@i-City mall

Joint venture with Thailand’s retail giant is projected to be the largest shopping centre in Shah Alam.

KUALA LUMPUR: I-Bhd has finalised the corporate structure with CPN Real Estate Sdn Bhd and several related parties to develop and manage CentralPlaza@i-City in Section 7, Shah Alam.

“The corporate structure would enable CPN to take the lead in developing, leasing and managing the mall, thereby enabling I-Bhd to focus on the development of other properties in i-City as well as to focus on its leisure business.

“At the same time, the corporate structure would facilitate the conversion of the mall into a real estate investment trust at an appropriate time,” I-Bhd said in a statement.

In an announcement to Bursa Malaysia, I-Bhd said its unit, I-City Properties Sdn Bhd, had sealed the joint venture (JV) and shareholders agreement with CPN Real Estate, CPN Malls Malaysia Sdn Bhd, Central Plaza I-City Malls Malaysia Sdn Bhd, Central Plaza I-City Sdn Bhd and Central Plaza I-City Real Estate Sdn Bhd.

The company, via I-City Properties, holds a 40% stake in a newly incorporated JV company – Central Plaza I-City Malls Malaysia Sdn Bhd (JV company) – thereby making it an associated company of the group.

“CPN, through its subsidiaries CPN Real Estate and CPN Malls Malaysia, holds 60% in the JV company,” it said.

I-Bhd said Central Plaza I-City, a unit of Central Plaza I-City Malls Malaysia, would be the mall manager. Central Plaza I-City Real Estate, a unit of Central Plaza I-City, meanwhile, would develop and own the mall.

It has been reported that CentralPlaza@i-City would cater to a sizeable market of close to 700,000 of Shah Alam’s population and some 900,000 of Klang’s population.

Upon completion, the CentralPlaza@i-City shopping mall would be the largest shopping centre in Shah Alam.

Currently in the design stage, the RM580mil CentralPlaza@i-City project will be developed on a freehold land of 11.12 acres with a gross floor area of around 1.5 million sq ft and a net leasable area of about one million sq ft.

“The development of CentralPlaza@i-City is the first step in our strategic alliance with CPN.

“Apart from Clarke Quay@i-City, the JV agreement also requires us to offer CPN the opportunity to participate in other retail developments by i-City beyond Shah Alam,” deputy chairman Datuk Eu Hong Chew said.

I-Bhd plans REIT for CentralPlaza @i-City
Postdate_lastpublished
First Published: 6:47pm, Jul 22, 2013
Last Updated: 6:47pm, Jul 22, 2013

Business
by theedgemalaysia.com/Jason Tan

KUALA LUMPUR (July 22): Property developer I-Bhd is planning to launch a real estate investment trust (REIT) for the CentralPlaza Regional Retail Mall in i-City, the company said in a statement.

This REIT will be launched "at an appropriate time", it added.

"The development of CentralPlaza @i-City is the first step in our strategic alliance with Central Pattana Plc (CPN) of Thailand," Datuk Eu Hong Chew, deputy chairman of I-Bhd, said in a statement.

I-Bhd and CPN in May set up a joint venture called Central Plaza i-City Malls Malaysia Sdn Bhd to jointly develop the mall. CPN holds a 60% stake with I-Bhd owning the remaining 40% shares.

The RM580-million CentralPlaza @i-City project will be developed on a freehold land plot of 11.12 acres with gross floor area of around 1.5 million sq ft and net leasable area of around 1 million sq ft.

Upon its completion by end-2016, it will become the biggest and most modern shopping mall project in Selangor, the statement said. – theedgemalaysia.com

Clarke Quay @ Singapore






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Retail at i-Soho or Central Plaza? Got GRR given?

Heard from the I-Gallery marketing person that retail shop at I-soho will be stop selling to investor and will taken up and manage by I-Berhad itself, which those retail will be connected to Central Plaza.

is it good or not good planning?