I-Bhd appoints Setiakon to build 50-storey RM1bil 8Kia Peng

I-Bhd has appointed Setiakon Builders Sdn Bhd as the master contractor to oversee the development of 8Kia Peng condominium in Kuala Lumpur.

I-Bud deputy chairman Datuk Eu Hong Chew said last Thursday that the master contractor was selected based on a stringent tender award process that placed great emphasis on past track record.

“I-Bhd is committed to deliver high quality, high standard projects thus although the cost of construction is higher, we are committed to deliver Construction Quality Assessment System (Conquas) compliant project,” he said.

Backed with 20 years of construction experience, Setiakon Builders are familiar with the Conquas standards which serves as the benchmark for 8Kia Peng, added Eu.

8Kia Peng is made up of a single 50-storey tower with a gross development value of RM1bil.

“The project stands out as a long-term asset as its excellent location holds so much promise of handsome rental returns for its investors,” said Eu.

Given the backdrop of a softening property market as a result of the current global economic uncertainties, the group assures potential investors that this will not hinder I-Bhd from forging ahead with the project.

The project is slated for completion in three years.

“I-Bhd, which is financially strong with ample cash position and zero gearing, will pursue this maiden prestige project,” said the group.

The 8Kia Peng is I-Bhd’s maiden high-end development project outside i-City.

There are a total of 442 condominium units with a mix of 315 units of service apartments and Soho, with mostly all units overlooking the Petronas Twin Towers.

Other features include a hotel lobby area, a Sky Lounge and an infinity pool.

I-Bhd is the developer of i-City, a 72-acre freehold ultrapolis which is made up of corporate towers, offices, serviced apartments, hotels and the latest shopping mall which will be opened in 2017. - The Star