Ibraco Bhd, a prominent Sarawak-based property developer, is making waves in Peninsular Malaysia with its second major high-rise serviced apartment project, Residensi NewUrban. Located in the bustling area of Petaling Jaya South, Selangor, this development is set to redefine affordable luxury living in the Klang Valley.
Residensi NewUrban: Affordable Luxury Living in Petaling Jaya South
Residensi NewUrban offers an impressive 922 units of serviced apartments, with build-up areas ranging from 553 sq ft to 1,000 sq ft. Datuk Chew Chiaw Han, the group managing director, expressed his confidence in the project’s strategic location, which boasts excellent accessibility and lifestyle convenience.
The development is situated adjacent to the NPE Highway, providing direct access to and from the highway, as well as convenient connections to major urban areas in Selangor, such as Bandar Sunway, Subang, and Puchong. This prime location ensures that residents can easily navigate the Klang Valley and enjoy the best of what the region has to offer.
Building on the Success of Residensi ContiNew Kuala Lumpur
Residensi NewUrban follows in the footsteps of Ibraco’s first successful property development in Peninsular Malaysia, Residensi ContiNew Kuala Lumpur. This mixed development, with a gross development value (GDV) of more than RM400 million, features two residential towers housing 510 units of apartment suites, sitting atop commercial and office spaces. The project was completed in 2021 and has been well-received by homebuyers and investors alike.
Arden City: A New Integrated Township in Sarawak
In addition to its projects in Peninsular Malaysia, Ibraco has also launched Arden City, a new integrated township development in the fast-growing Samarahan Division of Greater Kuching, Sarawak. Spanning 76 acres, Arden City’s first phase development involves 39 units of shops with a GDV of RM84 million, while the upcoming second phase will feature a 25-storey service apartment tower with a GDV of RM337 million.
Arden City is designed as a self-sustaining township, incorporating a mix of commercial, office, residential, healthcare, and leisure components. The development is strategically located within the healthcare and education hub, which is part of the Sarawak government’s strategic masterplan. Moreover, one of the autonomous rail transit (ART) stations will be situated at the doorstep of this new township, making Arden City an easily accessible and ideal environment for people from all walks of life.
The NorthBank: Ibraco’s Flagship Mixed Development
Ibraco’s ongoing flagship mixed development, The NorthBank, is set to be a key focus for the company over the next few years. Sprawling across 123 acres, The NorthBank is located adjacent to Ibraco’s first successful flagship development, Tabuan Tranquility. The development offers a variety of residences, from gated-and-guarded landed properties to stylish service apartments, all within walking distance of commercial and office buildings.
The NorthBank generated sales of RM182.1 million in the financial year 2023, representing 64.1% of Ibraco group’s property development segment’s turnover. The company successfully completed and handed over The NorthBank Exchange 2, comprising 49 units of three-story shops and the Alyvia Residence townhouse. Other ongoing projects, such as the Renna Residence service apartment, Crestwood Estates, three-storey semi-detached houses, and the NorthBank Commercial Centre, are expected to be ready for handover in FY24 and FY25, respectively.
Expanding Construction and Infrastructure Presence
In addition to its property development projects, Ibraco is actively bidding for government construction and infrastructure projects, particularly in Sarawak. The group’s construction segment currently has an order book of RM1.16 billion, including a RM529.8 million contract secured last year for the construction of a package of Sarawak’s Second Trunk Road in Samarahan Division.
To enhance the group’s earnings growth and ensure quality control, Ibraco is setting up its own building and construction supply chain. The company has ventured into the ready-mix concrete business, with an annual capacity of 120,000 tonnes, and is also expanding its quarry operations. Ibraco’s second quarry reserve in Gunung Simajau, Serian district, is expected to commence operation by end-2024, with an annual capacity of 1.2 million tonnes of limestone.
Financial Performance and Future Outlook
Ibraco group’s financial performance in FY23 was impressive, with net profit surging 46% to approximately RM45.4 million, and revenue jumping 44% to RM391.9 million. With a strong pipeline of projects in both Peninsular Malaysia and Sarawak, as well as its expanding presence in the construction and infrastructure sectors, Ibraco is well-positioned for continued growth and success in the coming years.
As Ibraco Bhd continues to deliver high-quality, affordable, and strategically-located developments like Residensi NewUrban, the company is set to solidify its position as a leading property developer in Malaysia. With a focus on integrated townships, mixed developments, and sustainable growth, Ibraco is poised to meet the evolving needs of homebuyers and investors, while contributing to the nation’s urban development landscape.
