By BUSINESS TIMES
PROPERTY developer I-Berhad (4251) says its partnership with a foreign company to develop a shopping mall remains intact, even though the deal was expected to be announced early this year.
“I think the downturn has caused them (the foreign partner) to review certain things. It’s still on. The question now is (only) the timing. In fact, earthworks have already begun,” chairman Tan Sri Hamad Kama Piah Che Othman said in Shah Alam yesterday.
Singapore’s CapitaLand Ltd is widely speculated as the foreign partner. Although I-Berhad has not revealed the identity of the foreign party, CapitaLand on October 23 last year informed its stock exchange that it was in talks with I-Berhad.
I-Berhad did not want to reveal the cost of construction and the gross development value of the shopping mall. However, it said that the mall has one million sq ft of gross lettable area, which would be comparable to the Mid Valley Megamall in Kuala Lumpur.