KUALA LUMPUR, February 1 — Green Venture Capital (GVC) has commenced work on the Qi City development in Bandar Meru Raya, near Ipoh.
The RM1.2 billion project, spread across 26 acres (10.52 hectares), is a mixed residential and commercial edu-city development and the first-of-its-kind fully integrated education hub in the country.
The project is expected to be completed within three years.
“With the 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 in April,” Wawasan QI Properties (WQIP) Executive Director and Chief Executive Officer Chandragesan Suppiah said in a statement today.
Qi City will comprise an 840-bed teaching hospital, three condominium blocks with 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 campus which is a subsidiary of WQIP.
GVC, a subsidiary of WQIP, has appointed China Energy Hua Ren Industrial Investment Co Ltd, a China-based entity, as the turnkey contractor of this mixed-development project.
“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,” he said.
As the state government expects two million tourists to visit Bandar Meru Raya annually, he said the completion of the Animation Theme Park and the upcoming Water Park development would be a boon to the tourism drive, as well as a bonus to the hotel suites.
Besides 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 hypermarket and a business hotel.
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 (67.58 hectares) of beach-front land for development in Kuala Rompin, Pahang.