Lim says the group has seen positive results following the establishment of Mercu Maybank and DoubleTree by Hilton at i-City Finance Avenue this year.
PETALING JAYA: I-Bhd
, which posted a net profit of RM15.6mil for the third quarter ended Sept 30, 2022 (3Q22), is confident that its strong fundamentals from several strategic partnerships will propel the group forward.
Chairman Tan Sri Lim Kim Hong said the group has seen positive results following the establishment of Mercu Maybank and DoubleTree by Hilton at i-City Finance Avenue this year.
“In 3Q22, we officially opened the DoubleTree by Hilton for business.
The hotel has received a very encouraging response with high occupancy rates for guests and events.
“As such, the group is expecting it to be a major revenue contributor to the leisure segment by next year,” Lim said in a statement yesterday.
Meanwhile, revenue in 3Q22 stood at RM38.9mil, up 80% from a year ago.
Earnings per share was 1.37 sen versus 0.28 sen previously.
Lim said the strategic alliances had elevated the value of i-City and created a golden opportunity for it to launch BeCentral residences before the end of the year.
The development comprises two residential towers with a gross development value of RM600mil within i-City Finance Avenue and is poised to contribute toward the profitability of the group within the next two or three years.
“As it stands, the group’s unbilled sales as of Sept 30, 2022 stood at RM73.6mil as compared to RM61.7mil as of June 30, 2022,” Lim added.
He is also optimistic about the group’s property investment segment.
“The ongoing developments at i-City Finance Avenue and strategic partnerships formed have resulted in footfall increase at Central i-City Mall.
“The Mercu Maybank corporate tower is currently at 83% occupancy rate and we expect it to further improve on the back of demand for corporate office space in i-City,” he said.
He pointed out that the group’s investment in digital infrastructure had provided it with a competitive edge in attracting notable brands seeking to relocate from Kuala Lumpur city centre to i-City.
