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Continue Reading ⋅ 30 January 2023
i-SOHO @ i-City is a service residence in Shah Alam, Selangor. It is developed by I-Berhad, a Shah Alam-based investment holding company that primarily deals with property development and investment in Malaysia.
The property has only 2 SoHo blocks only, each towering to a height of 43 storeys. There is a total of 956 units in the residence and they come in different sizes.
The property is located in i-City, a mixed development ultrapolis township which is located along Federal Highway with direct flyover access. It is an MSC business hub by day, and a lifestyle haven by night amidst the City of Digital lights.
i-City was launched in 2009, and it is a self-sustaining, fully integrated centre for business, leisure, tourism, and beyond. By 2025, i-City is expected to boast 20,000 residents (25,000 targeted) and 25,000 knowledge workers (30,000 targeted), and about 20 towers.
Most of i-City’s target markets are young adults and I-Bhd’s properties are attractively priced, and in a location that has theme parks and tourist attractions, and Central Plaza Mall.
In 2016, real estate agency Chester Properties purchased 30 units of i-Suite and 120 units of i-SoHo. Following that, both phases achieved 100% sales. Subsequently, the launch of Hyde Tower enjoyed positive take-up rates as well.
Address: Jalan Plumbum 7/102, 40000, Selangor
Developer: I-Berhad
Property Type: Service Residence
Land Title: Commercial
No. of Blocks: 2
No. of Storeys: 43
Total Units: 956
Tenure: Freehold
Sales Gallery: i-Gallery @i-City, 40000 i-City, Selangor Golden Triangle, Malaysia
Year of Completion: 2017
Built-up Area: 464 sq ft – 703 sq ft
Facilities:
- 50m infinity lap pool, children’s pool & playground (Level 11)
- Gym
- Multi-purpose hall
- Retail (Ground Floor & 1sft Floor connected to the Central i-City shopping mall)
- Café
- Rooftop garden
Launch Price: From RM283,600
Launch Price Per Sq Ft: About RM600 per sq ft
Maintenance Fee: RM0.30 – RM0.35 per sq ft
Project Details
i-SoHo comprises freehold SoHo units with a gross development value (GDV) of RM438 million. It has 2 high-rise 43-storey towers with standard and duplex units ranging from 464 sq ft to 703 sq ft. i-Soho is built as a guarded enclave, blending modern architecture with lush green areas.
The towers adjoin an 8-storey block that allocates 6 levels of car parks, and 2 levels of retail shops. Facilities include a 50m lap pool, children’s pool, rooftop garden, gymnasium, a library, and a multi-purpose hall.
All SOHO units come partially furnished, equipped with air conditioners for all rooms, washing machines, refrigerators, and kitchen cabinets with hoods and hobs. i-SOHO was completed in 2017.
During its launch, the booking fee was RM5,000, and the developer offered a Developer Interest Bearing Scheme (DIBS). There was also an early bird discount, free SPA legal fees.
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Unit Types |
Built-Up |
Launch Price |
|
Type A |
· 464 sq ft · 1 balcony |
From RM283,600
|
|
Type B |
· 614 sq ft · 2 bedrooms · 1 bathroom · 1 balcony |
|
|
Type C |
· 658 sq ft · 2 bedrooms · 1 bathroom · 1 balcony |
|
|
Type D |
· 658 sq ft · 2 bedrooms · 2 bathrooms · 1 balcony |
|
|
Type E |
· Duplex · 703 sq ft · 1 bedrooms · 2 bathrooms · 1 balcony |
Location
i-SOHO @ i-City is accessible through Persiaran Bestari, Federal Highway, New Klang Valley Expressway (NKVE), and West Coast Expressway (WCE). There are also various buses and taxis that service the location, enhancing its accessibility. Besides that, the Padang Jawa KTM station on the Port Klang line is just about 1.96km away.
Central i-City shopping mall provides shuttle buses connecting the mall to Padang Jawa KTM station at half-hourly intervals. i-City will also be connected by the Bandar Utama-Klang LRT Line via the i-City LRT3 station once the LRT line starts operating in 2024.
i-SOHO is a MSC Malaysia Cybercentre with 24-hour security, and it is just adjacent to the Central i-City mall. i-Soho was designed as trendy home offices, with both an overhead pedestrian bridge and a tunnel linked to the Central i-City super regional retail mall on one end, and another link to i-City’s leisure park on the other end.
The project was envisaged as a residential-cum-commercial development that’ll provide a conducive campus-like environment to incubate and harness the strength of companies, especially start-ups in the knowledge sector.
i-SOHO is located in the RM10 billion freehold ultrapolis of i-City, which aims to be an integrated IT-centric urban international city comprising a shopping mall, an iconic 78-storey tower (the Golden Triangle Tower), Grade A corporate office towers, a Tier-3 data centre, an innovation hub, hotels, recreation, and residences.
From an architectural viewpoint, the masterplan for i-City comprises 24 high-rise towers. As at 2019, at least 10 towers have been completed, with 4 under construction. The Jewel, standing at 73 floors (about 1,250 ft), will be the tallest skyscraper in Shah Alam, and possibly Selangor, when it is completed in 2025.
This eye-catching structure will also be the most iconic element in i-City, which is currently the centre of attention. It’s an iconic staggered tower for mixed-use.
The amenities that are a walking distance from the serviced residence include popular fast food restaurants, and there are also numerous Indian food stalls in the vicinity. SK Seksyen 7 and SMJK Kwang Hua are a 10-minute and 28-minute walk from the project respectively. Healthcare facilities within 3km from i-SOHO include Hospital Shah Alam, and Columbia Asia Extended Care Hospital.
Accessibility
- Persiaran Bestari
- Federal Highway
- New Klang Valley Expressway (NKVE)
- West Coast Expressway (WCE)
- Padang Jawa KTM station
- i-City LRT3 station (upcoming)
Education
- SK Seksyen 7
- SMJK Kwang Hua
Medical Care
- Hospital Shah Alam
- Columbia Asia Extended Care Hospital
Shopping
- Central i-City Mall
- centralWalk high street retail
- 99 Speedmart
- Giant Shah Alam
- Mydin Ken Rimba
- AEON Bukit Raja
- Mydin Kapar
- Centro Mall, Klang
Recreation
- City of Digital Lights – Snowalk, Waterworld, Red Carpet 2 (wax museum), True Discover (reptile exhibition)
- Trick Art Museum
- Taman Lake Park
Analysis
i-City’s gross development value (GDV) has increased from a RM1.5 billion project in 2005, to RM10 billion project currently. Developments at i-City will benefit from the neighbouring Klang, creating a satellite township, much like Petaling Jaya and Subang Jaya which have merged to become one large entity.
Factors such as the Bandar Utama-Klang LRT3 line (there will be an LRT station at i-City) and DASH (Damansara–Shah Alam Elevated Expressway) is expected to contribute to the growth in Shah Alam. Plus, Shah Alam has one of the highest populations in Selangor, therefore property demand and job opportunities could be constantly available.
Available listings of iSOHO @ i-City in PropertyGuru in March 2021 show that the asking monthly rental for 464 sq ft units are from RM1,000 to RM1,100, while purchase prices are asking for approximately RM245,000. Thus, the gross rental yield would be about 4.89% per annum.
A quick online search shows that i-SOHO units are available on several travel sites. After all, there are several tourist attractions in i-City itself.
Here’s a look at properties in i-City.
|
Project |
Land Tenure |
Property Type |
Completion |
Built-up |
Approximate Launch Price |
|
iSOHO @ i-City by I-Berhad |
Freehold |
Serviced Residence |
2017 |
464 sq ft – 703 sq ft |
From RM283,600 |
|
i-Residence @ i-City by I-Berhad |
Freehold |
Serviced Residence |
2015 |
716 sq ft – 3,734 sq ft |
From RM315,000 |
|
Freehold |
Serviced Apartment |
2018 |
466 sq ft – 769 sq ft |
From RM383,000 |
|
|
Freehold |
Serviced Apartment |
2017 |
566 sq ft – 850 sq ft |
From RM 437,680
|
|
|
Freehold |
Serviced Apartment |
2018 |
466 sq ft – 769 sq ft |
From RM383,000 |
|
|
Freehold |
Serviced Apartment |
2018 |
466 sq ft – 769 sq ft |
From RM383,000 |
|
|
Hill10 Residence @ i-City by I-Berhad |
Freehold |
Suite |
2021 |
480 sq ft – 880 sq ft |
From RM508,000 |
|
BeCentral Residence @ i-City by I-Berhad |
Freehold |
N/A |
N/A |
632 sq ft – 793 sq ft |
From RM500,000 |
Summary
Upon its completion, the 72-acre i-City will comprise a mixed-use township with 32 blocks, including 5 Grade A office towers, 2 convention centres, 5 hotels with a total of more than 1,000 rooms, 3,500 residential units, a regional shopping mall, a data centre, and a theme park. It has a gross development value (GDV) of RM10 billion and 40% has been developed as at end 2020.
Today, i-City is the Selangor Golden Triangle, and the area continues to transform. In the long run, the development will do well. However, it can a bit challenging in the short term because of the pandemic and the relatively lower income level of the population in its surrounding areas.
About 5,000 residential units have been completed and handed over to buyers at i-City. The Central i-City mall was officially opened in 2019, and the office towers have attracted a mix of international conglomerates and local entrepreneurs.
I-Berhad is also the developer for 8 Kia Peng Residences @KLCC, a luxury residences condominium development with RM820 million GDV in the Kuala Lumpur city centre. It is a 50-storey tower that allocates more than 400 impressive SoHo and serviced apartments units, and just less than 5 minutes walking distance to KLCC.
Here are estimated loan figures for a i-SOHO unit priced at RM245,000.
- LTV / margin of finance: 90%
- Down payment (10%): RM24,500
- Loan amount: RM220,500
- Loan term: 30 years
- Interest rate: 3.2%
- Monthly repayment: RM954
- Approximate required gross annual income: RM38,500*
* Assumptions: You have no other monthly debt obligations, and 30% of gross income will be spent on the housing loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.
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