i-City is a popular attraction at night, especially with kids.
PETALING JAYA: I-Berhad on Tuesday entered into a strategic alliance with China-based Everbright International China to co-develop 12.14 hectares of land in i-City, Shah Alam, via a joint venture.
Chief Executive Officer of I-Berhad Datuk Eu Hong Chew said Everbright will have a 70 per cent shareholding in the venture.
Apart from financing the construction, Everbright will also lead a consortium of Chinese companies to set up operations in i-City.
The development will be undertaken in two phases involving 5.66 hectares for the initial phase. This phase is for a commercial hub with a gross development value (GDV) of RM1.5 billion comprising a shopping mall and mixed residential, Multimedia Super Corridor offices and educational institutions.
Work on the project, called Everbright International ICT, is expected to begin by mid-2012 and completed by 2020.
"The GDV of the whole project is about RM3.5 billion, of which Everbright International China will contribute RM2 billion and I-Berhad providing the land and infrastructure.
"Everbright has already roped in a Chinese multimedia company to anchor the animation centre in i-City and a Confucius Institute from China that will spearhead the educational component," Eu said.
He said a China-based bank, currently operating in Malaysia, is also part of the consortium.
"The strategic alliance with Everbright International China is in line with the state government's vision of transforming Shah Alam into an international metropolitan city," he added.
He said from the i-City perspective, the commercial hub is very much in line with i-City's two-pronged vision of being a MSC Malaysia Cybercentre as well as a tourism destination.
"The Chinese parties will provide a new MSC positioning for i-City.
"Currently, i-City's MSC Malaysia Cybercentre programme is focused on supporting local SMEs," he added.
Chairman and Chief Executive Officer of Everbright International China, Zhang Huaipu, said the company chose Malaysia as its investment base, due to the stable political environment.
Everbright International China has extensive overseas projects, including in Russia and Africa.