I-Bhd launches KLCC luxury condo from RM2,300 psf

KUALA LUMPUR (March 14): I-Bhd unveiled its high-end 8 Kia Peng residences – its first project outside its flagship 72-acre i-City “ultrapolis” development in Shah Alam – in the city centre, which has a gross development value (GDV) of RM1 billion.

The luxury residential project is touted by the developer as the “King of the Hill” as it is coming up on an elevated 1.05-acre freehold parcel on Jalan Changkat Kia Peng, and will feature 442 residential units – of which 315 are serviced apartments, and the rest SoHos – and an eight-level car park with 600 bays housed in a 50-storey tower.

The units have a built-up area of between 718 sq ft and 1,738 sq ft, while the penthouses are between 6,950 sq ft and 7,824 sq ft.

The units will be fully fitted and furnished and have at least two bedrooms each. The selling price starts from RM2,300 psf.

“8 Kia Peng is an example of what we need to make our national city more iconic,” said Prime Minister Datuk Seri Najib Razak during his keynote address at the launch of 8 Kia Peng today.

He said a number of initiatives had been lined up to attract international companies to invest in Kuala Lumpur as well as to improve the public transportation and other infrastructure within the Greater KL area.

In addition, he noted that the various Entry Point Projects under the Greater KL programme have become catalysts in motivating the private sector to contribute to the economic growth of the nation.

I-Bhd group deputy chairman Datuk Eu Hong Chew said the group is not worried about the current dampened market sentiment as 8 Kia Peng is also targeted at international investors.

"The weakened ringgit will benefit us to attract foreign investors. We will start the international roadshow next month to introduce 8 Kia Peng to foreign investors," he added.

i-City director Monica Ong is also confident about the project’s prospects and anticipates good take-up rates as the new development possesses key unique features that will attract investors.

“I am confident of a very good response from the market and I expect a good take-up rate as 80% of the units are facing the Petronas Twin Towers and are in move-in condition. Therefore, purchasers do not have to worry about finding contractors or spending other incentives upon moving in,” she said.

Meanwhile, Eu expects I-Bhd’s profits this year to be buoyed by 8 Kia Peng with unbilled sales of over RM600 million.

"I reckon that about half of our unbilled sales will come in this year, hence our profit should be better this year," he said.

In 2015, I-Bhd's net profit was 19.5% lower at RM43.02 million, compared with RM53.41million in 2014. 

The group’s revenue recorded RM257.39 million in 2015, compared with RM261.11 million last year.

Besides 8 Kia Peng, the company will be launching Doubletree Hilton Hotel in Shah Alam by early next month.

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