Singapore's Ireka Corporation property unit Ireka Land Sdn Bhd is negotiating with parties in Vietnam and India to develop high-end residential and commercial properties in the two Asian countries.

Ireka Corp. chief executive officer Lai Voon Hon said on July 12 that Ireka Land was looking for partners to develop the properties and hoped a deal would be finalized in four months.
He said Ireka Land was looking at property development in Hanoi and Ho Chi Minh City in Vietnam and Bangalore in India, which would be along the concept of its I-Zen brand. The overseas expansion would be financed through borrowings and internal funds.

Lai was speaking to reporters after the launch of Ireka's luxury condominium project "Tiffani by I-Zen" in Kuala Lumpur. The gross development value (GDV) of the project is MYR350 million (US$95.3 million).

He said the Tiffani by I-Zen project, comprising 399 condominium units, was expected to contribute 20 percent of Ireka Land's revenue for the next three years.

Lai said the project was a joint venture with Singapore-based CapitaLand Financial Ltd. that has attracted international buyers from Europe, the Middle East and East Asia.

He said CapitaLand Financial was an investment partner in the project, which is expected to be completed by mid-2009.

Lai said the units cost MYR390,000-4.6 million ($106,240-1.25 million) each and had a take-up rate of 50 percent in pre-launch sales, expected to hit 70 percent within the next three to four months.
On other projects in the country, he said Ireka Land had projects lined up for the next five years with a GDV of MYR1 billion ($272.4 million).

Source: TheEdgeDaily.com

Top