Finance Avenue Poised to be the Growth Impetus for i-City

I-Berhad today released its Q1 2022 results that is a precursor to the potential improvements for the year, in which the Group registered a pre-tax profit of RM1.7 million for this quarter.

In Q1 2022, with the reopening of the i-City Leisure Park, the Leisure Segment experienced continuous positive recovery, as consumers rebuild their confidence to explore and participate in leisure and outdoor activities. On this note, coupled with the government’s active efforts to incentivize spending in embracing endemicity as the new normal, the Leisure segment achieved an increased revenue that is 2.7 times higher than last year.

Property development segment remains as the Group’s main focus and core contributor, as the property market is expected to experience progressive recovery since consumers are rebuilding their finances to commit to spending on large capital items.

The Group is optimistic and look forward to continuous healthy demand and improvement in the property market by recognizing more sales from our latest residential development, BeCentral with an estimated GDV of RM0.7 billion at the Finance Avenue in i-City.

The Finance Avenue in i-City, is seen as the next catalyst in forming the perfect launch pad for elevating the Group to unprecedented growth and greater heights in the coming future comprises BeCentral residences, Mercu Maybank smart corporate tower, DoubleTree by Hilton Hotel, Hill10 residences, International Convention Centre, premium offices and retail suites.

The Finance Avenue is said to be well poised as a financial hub, given its smart infrastructure already in place, allowing financial institutions & its supporting services and MNCs to seamlessly relocate and operate at i-City.

In its official statement, the management has expressed that “Finance Avenue in i-City will attract not only the financial institutions to set up offices in i-City, but will also form part of i-City’s tourism attraction in elevating the Next Generation AI Smart City to greater heights by introducing smart conveniences for its community to live, play and work at its doorsteps.”

The property investment segment is also poised to witness unprecedented growth in the future, with the Group focusing on extracting full value from its rapid developments as a master-planned integrated Ultrapolis offering new business and investment opportunities to both foreign and local investors. This is evident by Malayan Banking Bhd (Maybank), being the leading bank setting up its permanent alternate office at the 33-storey Mercu Maybank at the Finance Avenue. Additionally, with the expected opening of DoubleTree by Hilton Hotel in Q3 2022 as part of the integrated development within Finance Avenue in i-City will further redefine meetings, incentives, conferencing, and exhibitions (MICE) experiences. DoubleTree by Hilton i-City will not only add vibrancy to the Finance Avenue in i-City but will undoubtedly be as successful as the DoubleTree by Hilton of Wall Street.

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