IPOH, September 9, 2016: Green Venture Capital (GVC), a subsidiary of Wawasan Qi Properties Group (WQIP) marked the commencement of the RM 1.2 billion Qi City development with a ground-breaking ceremony at the project’s development site in Bandar Meru Raya, Ipoh today.
Spread across 26 acres, the Qi City project is a mixed residential and commercial edu-city development and the first of its kind fully integrated education hub in the country. Nestled in a township fast becoming known as “The New Heartbeat of Ipoh”, the Qi City development is set to be a catalyst that will boost the state’s appeal as an investment destination of choice. Adding to that, it will also be contributing RM1.2 billion to the state’s Gross Domestic Product (GDP).
The development which is expected to be completed in three years, will comprise an 840 bedded teaching hospital, the Quest International University Perak (QIUP) campus, three condominium blocks with a total of 768 units, retail outlets, a convention centre to cater for up to 1,500 people and 460 units of hotel suites.
The ceremony was officiated by the Chief Minister of Perak, Y.A.B. Dato’ Seri DiRaja Dr. Zambry bin Abdul Kadir, Executive Chairman of Qi Group, Vijay Eswaran, the Chairman of GVC Tan Sri Megat Najmuddin Megat Khas, GVC Chief Executive Officer Chandragesan Suppiah and Chairman of the Board of China Energy Hua Ren Industrial Investment Co Ltd (CEHR), Mr. Wang Wei.
China Energy Hua Ren Industrial Investment Co Ltd is a China based entity that will be leading the construction of this mixed development project.
Speaking at the ceremony, GVC’s Chief Executive Officer Chandragesan Suppiah said, the Qi City development is poised to be a catalyst for job creation, smart living, thus promising superior yields to investors. This is achieved through developing a sustainable economic eco-system to perfectly complement the State Government’s initiatives in transforming Bandar Meru Raya into a thriving economic hub.
“With an estimated 10,000 student population at the university and over 1,000 employees at the hospital, this development itself will create and accelerate opportunities for commercial growth, viable investments and employment opportunities that will undoubtedly have a spill-over effect into the state,” he noted.
The CEO elaborated that the external infrastructure of the city of Ipoh has matured and developed into one that demands a space for business education, retail, hospitality as well as modern residences. The Qi City Project is a perfect complement to the modernisation of this city and an important component of the new Central Business District of Ipoh.
“With the successful completion of this development, Qi City promises investors superior returns. It will generate favourable investment gains by unlocking the embedded value within its various components. Imagine the 840-bedded hospital will have approximately 1,000 out-patients frequenting the hospital per day and a minimum of 1,500 in-patient visitors and the university with about 10-thousand students and faculty members at its peak. And with this numbers, there is a demand for a lifestyle mall. As such, we have created Food and Beverage centric retail mall.
“And with the number of students we have, we are also providing a digital space within this mall which I believe will be a first of its kind in Perak. With the soon to be opened Animation Park, thereafter the Water Theme Parks and the international Recreational Park, it is estimated that there will be 2 million tourists’ arrivals to Ipoh. All we are targeting is 10 percent of the annual 2 million tourists’ arrivals. That gives us almost 120 percent occupancy rate. Can you imagine what kind of yield it is going to give to the investors,” he asked.
The ripples of change that are impacting Perak’s revitalisation and attracting a new breed of investors, are felt everywhere and supported by factors such as the upgrading of the Ipoh airport with carriers like Tiger Airways, Firefly and Malindo Air which are servicing routes to and from Ipoh to Johor Baru, Singapore and Medan, Indonesia.
The double tracking and electrification of the KTMB train line connecting Ipoh to Padang Besar, Perlis, and the proposal of the 316km West Coast Expressway connecting Banting to Taiping are further expanding transportation networks into the state and increasing visitor arrivals.
Executive Chairman of Qi Group Vijay Eswaran said: “We are honoured to be partners with the State Government in not only growing its vision for the state of Perak but being able through this project to have a transformative impact on the economy of this state.
“The Qi City development will not only be a catalyst for further economic growth of Ipoh but I also believe that the education and health facilities we will offer will become a bridge for Malaysia to bring ASEAN countries closer together. It presents us with the right opportunities to create conducive business environments to facilitate dialogue between countries and capture the enabling conditions of economic and social development to include a deliberate and actionable focus on inclusive economic growth both for the state and for the nation,” said Vijay.
Chief Minister of Perak Y.A.B Dato’ Seri Dr Zambry, said the state government is welcoming of such projects as it is in line with realizing the state’s five-year vision.
“The Northern Corridor is poised for tremendous growth and projects such as the Qi City development are key enablers in providing job opportunities as well as encouraging the transfer of skills and expertise. The state office has been involved from the very beginning and have worked closely with the developers in setting the fundamentals for this mixed development. We constantly assess, review and identify the right partners to collaborate with to ensure they fit within our growth agenda. Projects such as this one is directly aligned to the State’s aspiration of driving domestic economy and developing Perak into a global hub,” he said.
Meanwhile, Managing Director Qi Group Malaysia, Kuna Senathirajah also highlighted – “I firmly believe that in creating this integrated edu-city, we are unlocking possibilities for Malaysia to take a seat at the centre of education and medical tourism in the region, strengthening our competitive edge, broadening our own expertise and capabilities and opening up avenues for cultural and intellectual exchange.”
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 include a private international school, an animation theme park, a hyper market and a business hotel.
GVC is a Special Purpose Vehicle (SPV) which was established to spearhead the Qi City Development which is a subsidiary of WQIP. Perak State Secretary Incorporated (SSI) is also an equity partner in GVC. WQIP was incorporated in 2006 and has since been managing the QI Group’s investment activities in Malaysia and abroad.