Press Release by Green Venture Capital for Qi City in Bandar Meru, Ipoh, Perak.
PETALING JAYA, 1st February 2017: Green Venture Capital (GVC) has commenced work on the Qi City development undertaken in Bandar Meru Raya, near Ipoh. The RM1.2 billion project, spread across 26 acres, is a mixed residential and commercial edu-city development and the first-of-its-kind fully integrated education hub in the country.
The Qi City ground breaking ceremony last year was officiated by the Menteri Besar of Perak, Y.A.B. Dato’ Seri DiRaja Dr. Zambry bin Abdul Kadir, Executive Chairman of QI Group, Dato’ Sri Vijay Eswaran, the Chairman of GVC, Tan Sri Megat Najmuddin Megat Khas and Chairman of the Board of China Energy Hua Ren Industrial Investment Co Ltd, Mr. Wang Wei in September. The project is expected to be completed within three years.
GVC, a subsidiary of Wawasan QI Properties (WQIP), has appointed China Energy Hua Ren Industrial Investment Co Ltd, a China based entity, as the turnkey contractor of this mixed development project.
Touted to be a much sought-after property in Perak’s only master plan township, Qi City will comprise an 840-bedded teaching hospital, three condominium blocks with a total of 768 units, a lifestyle mall, a convention centre to cater for up to 1,500 people and 460 units of hotel suites, and the Quest International University Perak (QIUP) campus which is a subsidiary of WQIP.
WQIP was incorporated in 2006 and has since been managing the QI Group’s property investment activities in Malaysia and abroad. Currently, the Group’s portfolio features five hotels and two resorts, including Prana Beach villas, Prana Resort Nandana, and Patong Beach Resort suites in Thailand, the Asia Leisure Hotel in Sri Lanka, and the Dogan Hotel in Turkey. It also has 167 acres of beach-front land for development in Kuala Rompin, Pahang.
“Buying a property from us means buying into a unique product-mix based on market demand. We have managed and built high-quality hotel, resorts, and other property including the design and renovation works of our very own QI Tower in PJ8. Today, we are making another milestone with Qi City, building a contemporary, innovative and environmentally sustainable development,” said Executive Director and Chief Executive Officer of WQIP, Chandragesan Suppiah. “Qi City is an exclusive development with its lifestyle mall serving about 8,000 to 10,000 people daily, comprising of staff members of the hospital, university students, as well as hospital patients and visitors. This will also undoubtedly create a demand for the condo units there,” added Chandragesan.
The three blocks of 25-storey (including two levels of parking) condominiums will offer 768 units for sale. Their built-ups will range from 780 to 1,338 sq ft while the 18 penthouses will be around 2,121 sq ft in size.
“Upon completion of the condominiums and the hotel suites, buyers can expect high returns on their investments. The 460 units of hotel suites will not only be able to accommodate medical tourism but also provide accommodation for parents visiting students at the campus. Also, the state government is expecting about two million tourists annually to Bandar Meru Raya. The major impact is the completion of the Animation Theme Park and the upcoming Water Park development, which undoubtedly will be a bonus for the hotel suites.
“With the successful completion of this development by 2020, Qi City promises investors superior returns. It will generate favourable investment gains by unlocking the embedded value within its various components. The main sales launch is expected in June. However, we may start the soft launch sometime in April,” he noted.
In addition to being located in close proximity to the central business district of Bandar Meru Raya and key government offices, other landmarks that surround the development of Qi City include a private international school, a hyper market and a business hotel.
— End of Press Release —
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