I-Berhad's earnings have increased as a result of the dynamic operational environment at i-City Finance Avenue, which is led by the two major "stars," Mercu Maybank and DoubleTree by Hilton.
The developer reported RM15.6 million in net profit for the third quarter that ended on September 30, 2022 (3Q22).
The DoubleTree by Hilton opened its doors to guests in the third quarter of this year, and positive feedback has been reflected in the hotel's strong occupancy rates for both guests and events.
I-Berhad chairman Tan Sri Lim Kim Hong said by next year, the hotel is anticipated to significantly increase the company's revenue in the leisure sector.
Recently, Hilton vice president and regional head for South East Asia Alexandra Murray paid a courtesy visit to Mercu Maybank.
The courtesy visit from Murray, according to Lim in his Lindkedin post, would not have been conceivable if i-CIty had not worked closely with the Selangor state government.
"I was informed that i-City was a preferred location based on Hilton's selection criteria. Hilton was attracted and impressed by i-City's solid infrastructure such as its world-class IT infrastructure; an on-site Tier-3 certified data centre enabling super AI and dual source network. Infrastruture aside, footfall is important for a hotel," Lim said.
Meanwhile, Lim said he is certain that I-Berhad will advance thanks to its solid foundation and a number of prospective strategic alliances.
According to him, the strategic partnerships increased the value of i-City and gave it a fantastic opportunity to introduce BeCentral apartments.
BeCentral, comprising two residential towers with a gross development value of RM600 million, is situated within i-City Finance Avenue.
Lim said in a statement that the project is poised to contribute toward the profitability of the group within the next two or three years.
I-Berhad had unbilled sales of RM73.6 million as of September 30, 2022, up from RM61.7 million as of June 30, 2022.
Lim told NST Property that the company has a "promising future".
"We are anticipating what 2023 will bring, and we are fairly sure of accelerated growth," he said.
Lim said the continuing construction at i-City Finance Avenue has increased traffic at Central i-City Mall.
He said that Mercu Maybank now has an occupancy rate of 83 per cent and anticipates it to increase thanks to the demand for corporate office space in i-City.
"The company's investment in digital infrastructure has given us a competitive edge in luring well-known firms looking to move from Kuala Lumpur's downtown to i-City," he said.