12-07-2006: Ireka to venture into Vietnam, India
By Ashwin Raman

Ireka Corporation Bhd’s property unit Ireka Land Sdn Bhd is negotiating with parties in Vietnam and India to develop its high-end residential and commercial properties in both countries.

Ireka Corp chief executive officer Lai Voon Hon said on July 12 that Ireka Land was looking for partners to develop these properties in these countries and hoped a deal would be finalised 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 RM350 million.

Lai (right) and CapitaLand Commercial Project Management Pte Ltd manager (business development) Chan Chew Boon with the Tiffani by i-ZEN models
He said the Tiffani by I-Zen project, comprising 399 condominium units, was expected to contribute 20% of Ireka Land’s revenue for the next three years.

Lai said the project was a joint venture with Singapore-based CapitaLand Financial Ltd. It 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 RM390,000 to RM4.6 million each and had a take-up rate of 50% in pre-launch sales, and this was expected to hit 70% 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 RM1 billion.

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