KUCHING: Sarawak-based property developer Ibraco Bhd
has embarked on its second major high-rise serviced apartment project in Peninsular Malaysia.
Called Residensi NewUrban in Petaling Jaya South, Selangor, the project offers 922 units of affordable service apartment with build-up area ranging from 553 sq ft to 1,000 sq ft, according to group managing director Datuk Chew Chiaw Han.
He said Ibraco is positive about this strategically-located project with excellent accessibility and lifestyle convenience surroundings.
Located adjacent to the NPE Highway, Residensi NewUrban offers direct access to and from the highway, and provides convenient connections to major urban areas in Selangor, including Bandar Sunway, Subang and Puchong.
Chew said continuing on the success of Residensi ContiNew Kuala Lumpur, Ibraco’s first property development in the peninsular, Residensi NewUrban was launched in March 2024.
Residensi ContiNew, which is a mixed development with a gross development value (GDV) of more than RM400mil, consists of two residential towers housing 510 units of apartment suite, sitting on top of commercial and office spaces. The project was completed in 2021.
In Sarawak, Ibraco has also launched a new integrated township development – Arden City – in southeast of Greater Kuching in the fast-growing Samarahan Division.
Covering 76 acres, Arden City’s first phase development involves 39 units of shops with GDV of RM84mil, and the next upcoming project will be a 25-storey service apartment tower with a GDV of RM337mil.
Chew said the self-sustaining township development consists of a mixture of commercial, offices, residential, healthcare and leisure, and is located within the healthcare and education hub that is under the Sarawak government’s strategic masterplan.
“In addition to that, one of the autonomous rail transit (ART) stations will be located at the doorstep of this new township, making Arden City an easily accessible ideal environment to fulfil lifestyle for people of all walks of life,” he added in the company’s 2023 annual report.
The ART is a two-line hybrid metro forming part of the ambitious billion-ringgit Kuching Urban Transport System undertaken by the Sarawak government.
In November, wholly-owned subsidiary Ibraco Construction Sdn Bhd, partnering with China Railway Engineering Corp (M) Sdn Bhd and Nanyang Tunnel Engineering Bhd, was awarded a RM568.6mil contract for the infrastructure works of ART .
Works under the contract include the construction of a 15km ART alignment from the depot in Rembus along Kuching-Samarahan Expressway up to Stutong near to the Kuching International Airport.
One of the ART stations will be located in Ibraco’s on-going flagship mixed development – The NorthBank. Sprawling across 123 acres, The NorthBank is located adjacent to Ibraco’s first successful flagship development, Tabuan Tranquility.Chew said The NorthBank, which offers a variety of residences, from gated-and guarded landed residences to stylish design service apartments all built within a walking distance to commercial and office buildings, will be Ibraco’s key development focus over the next few years.
The NorthBank generated sales of RM182.1mil in financial year 2023, representing 64.1% of Ibraco group’s property development segment’s turnover.
“In financial year 2023 (FY23), the company successfully completed and handed over The NorthBank Exchange 2: 49 units of three-story shops and the Alyvia Residence townhouse.
“Other on-going projects, namely the Renna Residence service apartment, Crestwood Estates, three-storey semi-detached houses and the NorthBank Commercial Centre with four blocks of eight-storey office tower, 59 units of three-storey shops and nine units of single storey lock-up shops, are expected to be ready for handing over in FY24 and FY25 respectively,” said Chew.
Launched in 4Q23, The NorthBank was a 330-unit service apartment called Corliss Residence.
In Bintulu, Chew said Ibraco plans to introduce new properties, comprising service apartments, an office block, double frontage shops and an food and beverage drive-through facility at Town Square Bintulu Phase 2.
On the group’s construction business, Chew said Ibraco is actively bidding for government’s construction and infrastructure projects, particularly in Sarawak.
The construction segment currently has an order book of RM1.16bil, including a RM529.8mil contract it secured last year for the construction of a package of the Sarawak’s Second Trunk Road in Samarahan Division.
Chew said Ibraco is setting up its own building and construction supply chain to enhance the group’s earnings growth in the long term while meeting its internal needs and quality control on the supply of building and construction materials.
Last September, Ibraco ventured into and commenced the operation of a ready-mix concrete plant, with an annual capacity of 120,000 tonnes.
Ibraco is also into quarry business, and its second quarry reserve in Gununbg Simajau, in the Serian district is expected to commence operation by end-2024. The new quarry will have an annual capacity of 1.2 million tonnes of limestone.
In FY23, Ibraco group’s net profit surged 46% to about RM45.4mil (FY22:RM31.1mil, as revenue jumped by 44% to RM391.9mil (272.2mil).
