KUALA LUMPUR: Al Rajhi Bank (Malaysia) Bhd made its first foray into Malaysia’s real estate investment by proposing to acquire 36 office suites at i-City Cybercentre 1 in Shah Alam from I-Bhd for RM95mil.
I-Bhd announced Monday that both parties had signed a sale and purchase agreement for the bank to purchase the 36 units at i-City -- a RM2bil integrated commercial development on 72-acres of freehold land along the Federal Highway in Section 7, Shah Alam.
Al Rajhi Bank (Malaysia) chief executive officer Ahmed Rehman said this investment was a strategic decision as the bank was transforming itself to become a banking technology partner for customers, particularly with the launch of its full-fledged cash management platform.
i-City is designed as a fully integrated township, comprising a shopping mall, corporate towers and offices, cybercentre office suites, data-centres and innovation centre, hotels and serviced apartments.
I-Bhd director Eu Hong Chew said while the attractive selling price of i-City set a role model and new benchmark for the Shah Alam township as well as for the western side of Klang Valley, there were still tremendous opportunities for capital enhancement and appreciation.
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