Who We Are
I-Berhad was established on February 2, 1967 as Sanyo Industries (Malaysia) Sdn Bhd and listed on the Main Market of Bursa Malaysia Securities Berhad on September 29, 1969. Over the next three decades the company operated as a branch of Sanyo Japan, focusing on the manufacture of electrical home appliances.
In 1999, Sumurwang acquired a controlling interest in the company and changed its name to I-Berhad. Following the adoption of a new vision of serving the Digital City, the Company moved from being a manufacturer of air-conditioners and digital products to become the leading Digital City developer.
The major shareholder in i-Berhad today is Sumurwang with 72% stake.
Where are we now?
I-Berhad’s property development activities are currently focused on the development of i-City which occupies a 72-acre freehold land in Section 7, Shah Alam (along the Federal Highway).
When i-City was first conceived in 2005, it was a RM1.5 billion township development with an approved built-up of about 5 million sq ft. But it has today evolved into a RM5 billion ultrapolis with 13 million sq ft of approved built-up that is designed as an international business hub by day and lifestyle haven by night.
The development and management of i-City is today governed by the Management and Development Agreement that was entered into between the Selangor State Government, Majlis Bandaraya Shah Alam (MBSA) and i-City in July 2011. Among others, the agreement allows i-City to have leisure, night tourism and other cosmopolitan lifestyle outlets and activities that operate on a 24x 7 basis. At the same time, i-City is given Temporary Occupation License (TOL) for about 30 acres of buffer land surrounding the township (to create a garden environment).
The development of i-City is also boosted by a number of socio-economic projects that are under development and within walking distance such as the i-City Interchange (scheduled to be completed by September 2013) that connects the site directly to the Federal Highway. Also nearing completion is the 300-bed Shah Alam General Hospital on a 25-acre plot of land within walking distance of i-City. In addition, MBSA has also designated a piece of land beside i-City for the development of a new police station as well as fire station.
More broadly, the i-City architecture master plan entails the development of MSC Malaysia Cybercentre offices; data centres; corporate office tower condominiums; incubator units; a 1.5 million sq ft super-regional shopping mall co-developed with Central Pattana Plc (CPN); hotels as well as serviced apartments.
To date, less than 20% of its 72-acre land has been developed while the current completed built-up accounts for less than 5% of the approved built-up. There is thus an enormous development potential in the pipeline for I-Berhad Group within i-City.
In 2012, the Group launched two property developments – the i-Residence with Gross Development Value (GDV) of RM232 million and the i-SOVO (Small Office Versatile Office) with a GDV of RM64 million.
i-Residence is the first residential development in i-City and is slated for completion in early 2015. It comprises 346 units of condominiums in two side-by-side 33-storey towers and 20 units of low-rise duplex villas. With an average selling price of RM530 per sq ft, it has set a new benchmark for Shah Alam.
On the other hand, the i-SOVO is part of a two-tower development on top of a car park podium; the other one being a 216-room 3-star hotel. Consisting of 220 units of MSC Malaysia Cybercentre offices, the i-SOVO and neighbouring hotel are targeted for completion in the third quarter of 2014.