JAPANESE HANKYU HANSHIN PROPERTIES CORP ENTERS INTO JOINT VENTURE WITH IREKA TO DEVELOP RIMBUN KASIA PROJECT, NILAI
KUALA LUMPUR, 9 April 2018 – Ireka Corporation Berhad (“Ireka”) today announced that it had entered into agreements with Hankyu Hanshin Properties Corp (“Hankyu Hanshin”) to jointly develop the Rimbun Kasia project in Nilai. Hankyu Hanshin will take a 45% share in Meadowfield Sdn Bhd, a wholly-owned subsidiary of Ireka prior to this announcement, whilst Ireka will hold the remaining 55%. Osaka-based Hankyu Hanshin, is a wholly-owned subsidiary of one of Japan’s most prolific conglomerates, Hankyu Hanshin Holdings, Inc., with core businesses in real estate, urban transportation, entertainment and communications, travel, international transportation and hotels. Hankyu Hanshin Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange.
The Rimbun Kasia development is a new residential enclave covering five parcels of a residential project, and one parcel of commercial project, over a 30.56-acre piece of land located in the town of Nilai. As a start, the joint venture between Ireka and Hankyu Hanshin will focus on the development of Dwi@Rimbun Kasia project, consisting of 382 residential units (203 of them dual-key units) in a 9-storey block, and another parcel of land which will have 465 residential units in two blocks of 29 and 19-storeys developed on it. These projects will have a combined Gross Development Value of over RM400 million. The remaining land parcels at Rimbun Kasia shall be developed by Meadowfield at subsequent stages following the launch of the first two developments. These properties will be developed under the ZenZ brand, the sister brand to Ireka’s iconic i-ZEN brand, and also leveraging off Hankyu Hanshin’s highly successful Geo brand of properties.
This is yet another important milestone for Ireka as it looks towards forming a strategic, long-term collaboration with Hankyu Hanshin to develop medium-end residential homes in Rimbun Kasia for the Nilai community and beyond.
The Government is spearheading efforts for more affordable housing in the Klang Valley, encouraging developers to provide not just affordable but good quality housing for families. With Ireka’s long track record of building high-end homes in the Mont’ Kiara and KLCC areas, Ireka is looking forward to bringing its expertise to the medium end affordable housing sector. Ireka has first ventured into the mid-range property market with the Kasia Greens, Nilai development of 142 units of two-storey terraced homes and three-storey Superlinked homes which were completed and fully-sold in 2015.
Ireka’s Group Managing Director, Datuk Lai Voon Hon stated, “I look forward to the joint venture with Hankyu Hanshin because it will enhance the Rimbun Kasia development, leveraging on their vast experience in the affordable housing sector, track record and financial strength. This is very exciting for us because the collaboration will also provide a strong foundation and a competitive advantage to the Rimbun Kasia development. I am very proud that Hankyu Hanshin has selected Ireka to be their development partner as they seek to expand their operations in Malaysia. The Rimbun Kasia development will be their first project in Malaysia.”