Ibraco in high gear after one-year hiatus

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KUCHING: Property developer Ibraco Bhd (Ibraco) is now set to open the commercial section of its Tabuan Tranquility project, its first launching after a hiatus of over one year.

OPEN NOW: Chai (left) and Chew pointing out the commercial section of the Tabuan Tranquility's scale model to reporters.

OPEN NOW: Chai (left) and Chew pointing out the commercial section of the Tabuan Tranquility's scale model to reporters.

Prior to this, the group did not kick off any new projects last year due to unfavourable economic conditions at the time.

“Partly of it was because of that, another reason was the group was in the process of restructuring where many details needed to be sorted out.

“However, we are back. This year marks our continuation into the property market, starting with our much anticipated project, the Tabuan Tranquility along with some low-cost schemes that will come together,” group chief executive officer Chew Chiaw Han told reporters yesterday.

Notwithstanding, Ibraco had managed to sell almost all of its remaining properties by the end of last year, bringing its net asset value to a robust RM136.79 million.

“For Tabuan Tranquility, we will start off with Phase one, which is actually the commercial section that comprises a hypermall and a petrol kiosk, together with 76 units of four-storey shophouses. Adding to the business opportunity, we have signed up Giant as the operator for the hypermarket.

“The project’s infrastructure and logistics will also serve as plus points for investors, due to its location between Stutong Forest Park and the Sama Jaya Free Trade Zone near the Kuching-Kota Samarahan Highway. It’s near to the commercial centre around Kuching, at the same time accessible to the education hub in Kota Samarahan,” highlighted Chew.

“We will officially launch the commercial units this Wednesday on August 4,” he said, expecting that the Phase One of the project would be completed within 18 months’ time.

Overall, Tabuan Tranquility would cover a development size of 162 acres, with five developmental phases in the project. Apart from the commercial section, it would also house a total of 278 residential property units, encompassing various housing categories.

Ibraco’s deputy chief project officer Chai King Sing disclosed that the total estimated gross development value (GDV) for the Tabuan Tranquility scheme would reach RM500 million upon completion.

“We expect to fully complete the project within four to six years after the launch date,” he added.

Concurring with Chew, Chai reiterated the viability of the project for potential buyers, apart from its close proximity with the Greater Tabuan Jaya area.

“Within the commercial section, each shophouse offers commercial floor space with 20 per cent more retail area that that of a standard shop. Adding to this would be limited units with double frontage shops that could operate front and back,” he pointed out.

Notably, Ibraco also responded to the government’s call for more ‘green’ initiatives in its project.

“Total land usage for development in Tabuan Tranquility is only at 54 per cent, with a density average of only six property units per acre for the whole scheme compared with the normal eight units.

“Moreover, with its adjacency to the forestry park, we are also allocating more than 20 per cent as green areas. Therefore, we’ll add up to 40 per cent out of the total 200 acres of green areas there in combination with the park,” Chai explained.

On its outlook for the second half of the year, Chew said the focus would be to emphasise on the group’s Tabuan Tranquility scheme.

“Now, we’re concentrating on the commercial units. Our residential areas will come up step by step, our target will be sometime early October; even earlier would be late September.

Next year, we will embark on another big project near Tabuan Tranquility called the Southbank scheme, which will cover an area of over 200 acres. It is a long-term project where Ibraco expects it to be fully developed in 15 years to 20 years,” he elaborated.

To date, Ibraco has established a development size of over 1,000 acres in Tabuan Jaya and Stutong areas, building over 10,000 units of various properties and bringing in a population of about 50,000 residents into the vicinity.