Ibraco aiming for RM500mil new property jobs
'Also in the pipeline are affordable landed housing in Kuching and another new service apartment in Bintulu,' he added in the company's 2024 annual report.
The NorthBank is a comprehensive mixed-used development spanning 123 acres and strategically located opposite Tabuan Tranquility, Ibraco's previous successful flagship development (173 acres) along the Kuching-Samarahan Expressway.
The new township features a variety of gated and guarded landed residences as well as service apartments catering to diverse market segments, and are within walking distance to retail outlets, office units and a well-established education institution.
Chew said in expanding the commercial landscape within the NorthBank, the group launched NorthBank Central, a vibrant parkside commercial hub comprising 46 units of three-storey strata-title double frontage shops last year.
With a gross development value (GDV) of RM124.4mil, he said NorthBank Central has garnered overwhelming response, achieving a near 100% take-up rate upon launching.
'Strategically positioned next to the upcoming NorthBank Specialist Hospital, this premier commercial precinct is set to benefit from the increased footfall generated by the hospital, (proposed) autonomous rail transit (ART) station located a walking distance away and surrounding residential development,' he added.
In the financial year ended Dec 31, 2024 (FY24), The NorthBank generated sales of RM162.9mil, accounting for 63.5% of Ibraco group's property development revenue.
Ibraco has embarked on another new township development, the 76-acre Arden City in fast-expanding Kota Samarahan.
Last year, it launched the inaugural residential and commercial projects – Aster Court and The Atrium, with a GDV of RM337mil and RM84.4mil, respectively.
Aster Court comprises two blocks housing 672 units of serviced apartments while The Artium has 39 three-storey shoplots designed to accommodate a diverse array of businesses, from retail outlets to dining establishments.
'Arden City benefits from its proximity to essential healthcare and educational institutions, including the upcoming Sarawak Cancer Centre, Sarawak Heart Centre, Universiti Malaysia Sarawak (Unimas) Teaching Hospital and Sarawak Disease Centre, ensuring residents have access to top-notch medical care.
'Its strategic location near educational institutions, and the integration of the upcoming ART station next to the township further enhance its appeal, enabling easy connectivity and accessibility,' said Chew.
In Bintulu, Ibraco's joint-venture development with Bintulu Development Authority – Town Square Bintulu – generated a revenue of RM32.2mil, representing 12.6% of the group's property development segment turnover in FY24.
The new phase of development includes the Horizon Apartment (163 units with a GDV of RM96mil) and commercial expansion (GDV of RM72mil).
In Peninsular Malaysia, Chew said Ibraco targets to complete its second high-rise serviced apartment project – Residensi NewUrban – in Petaling Jaya, Selangor in 2027. Launched last year, the project, with a GDV of RM528.6mil, comprises two 36-storey towers housing 922 apartment units.
On the construction business, Chew said Ibraco's order book stood at RM1.02bil. The company is expected to complete a major infrastructure project – the new Batang Samarahan bridge and nine-km dual carriageway from Batang Samarahan to Batang Sadong (contract value of RM529.8mil) – under the Sarawak Second Trunk Road in February 2027.
To expand its construction supply chain, Ibraco's latest investment in an asphalt plant started production last December.
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