I-Berhad

What I-Berhad does

I-Berhad is a publicly listed Malaysian master developer headquartered at Mercu Maybank, i-City, Shah Alam, operating i-City — Malaysia's first MSC-status digital city development. The company runs three core business segments: Property Development (residential, commercial, and mixed-use units sold to individual buyers and institutional tenants), Property Investment (a recurring-income portfolio of retail, hospitality, and commercial assets including Central i-City mall and Mercu Maybank), and Leisure & Hospitality (theme parks such as SkyCity Tower with Malaysia's tallest glass water slide, Wyndham i-City, Wyndham Suites KLCC, and DoubleTree by Hilton Shah Alam i-City).

Underlying these segments is the AI City Platform — an intelligence layer connecting infrastructure, data, and services that powers the AI Living ecosystem. I-Berhad's revenue mechanics combine one-time property sales (unbilled pipeline of RM90 million), recurring rental and lease income from the property investment portfolio, transactional revenue from theme park tickets, hotel stays, and food & beverage, and emerging subscription-style revenue from AI City Platform services. The company serves individual property buyers, domestic and international tourists, hospitality guests, and a growing base of technology partners (AgiBot, Mesiniaga, TwinMatrix, CelcomDigi) using i-City as a live urban testbed. Customer acquisition relies on direct sales through i-Gallery show galleries, branded hotel operators, mall retail, and theme park ticketing.

The company's strategic posture has shifted from a traditional smart-city developer to an AI Living orchestrator: in 2024-2025 it secured RM100 million from major shareholder Sumurwang via preference shares, signed a RM200 million Wyndham deal, committed RM10 million to AI/robotics infrastructure rollout, partnered with AgiBot, Mesiniaga, TwinMatrix, and UiTM, and announced the world's first robot-equipped residential development for 2026 alongside an AI-native urban intelligence platform targeting 2030. Net profit grew 90% year-on-year in FY2025 to RM55.74 million, with revenue up roughly 3x over the past five years and an expected 17 million+ annual visitors across i-City attractions.

Name

I-Berhad

Legal name

I-Berhad

Website

https://i-bhd.com

Company type

Public

Operating status

Operating

Headcount range

251–500 employees

Short description

I-Berhad is a publicly listed Malaysian master developer of i-City in Shah Alam, combining residential property development, recurring-income property investment, leisure and hospitality with Wyndham and Hilton, and an emerging AI Living ecosystem built on its proprietary AI City Platform.

Ownership category

akta.pro rank

Product category

Mixed-Use Real Estate Development

NAICS

Amusement and Theme Parks (71311)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Industrial Land & Build-to-Suit Site Brokerage (BPAJACAJ)

Keywords

• Property development
• Mixed-use developments
• Smart city platform
• Hospitality management
• Leisure attractions

Headquarters

HQ city

Shah Alam

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Property Development: Development and sale of residential, commercial and mixed-use properties within i-City. Generates revenue from property sales with unbilled sales pipeline.
2. Property Investment: Portfolio of retail, hospitality and commercial assets generating stable recurring income streams from tenants and leases
3. Leisure & Hospitality: Theme park attractions, hotels and experiential offerings that drive visitor engagement and footfall. Revenue from tickets, hotel stays and food & beverage
4. AI City Platform Services: Intelligence layer providing smart city services that connect infrastructure, data and services for urban living

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

I-Berhad is the master developer of i-City, an integrated digital city in Shah Alam, Malaysia, developing and selling residential and commercial properties, operating hospitality assets (DoubleTree by Hilton, Wyndham), retail (Central i-City Shopping Mall), leisure attractions (SkyCity Tower, SnowWalk, WaterWorld), and an AI City Platform spanning AI Living, AI World, and AGIBOT robotics experiences.

Product overview

I-Berhad operates i-City as an integrated urban ecosystem combining multiple products and services. The core offering is the AI City Platform (intelligence layer connecting infrastructure, data and services) supporting AI Living initiatives. The ecosystem includes: AI Living (intelligent residences and urban management), i-City AI World (AI and robotics hub), Central i-City Shopping Mall (retail), property development (residential/commercial), and leisure/hospitality offerings (SkyCity Tower theme park attraction, Wyndham i-City AI hotel, DoubleTree by Hilton Shah Alam i-City, and Wyndham Suites KLCC). The portfolio generates recurring income from retail, hospitality and commercial assets while developing AI-enabled properties.

Differentiator

Problem solved

Functional benefit

Brands

• AI Living: AI-enabled residential and urban living ecosystem integrating artificial intelligence into daily living environments
• AI City Platform
• Wyndham i-City
• SkyCity
• Central i-City

Products and services

• i-City Property Development

Quantifiable outcome

• Visitor numbers to exceed 17 million annually
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and flagship.

• TwinMatrixcoreStrategic or Co-development Partner · 11 June 2026i-City partnered with TwinMatrix to explore AI companion concepts for the AI Living initiative, developing AI-enhanced experiential smart living solutions.
• MesiniagaflagshipStrategic or Co-development Partner · 22 May 2026Mesiniaga partnered with i-City to develop the 'brain' for AI Living - an AI-native urban intelligence platform. The platform aims to be the world's first AI smart city platform, targeting 2030 deployment.
• UiTM (Universiti Teknologi MARA)coreStrategic or Co-development Partner · 10 December 2025I-Bhd and UiTM collaboration to develop AI and robotics talent in Malaysia, strengthening the talent pipeline for AI innovation.
• Wyndham Hotels & ResortsflagshipStrategic or Co-development Partner · 3 September 2025RM200 million deal signed to launch Wyndham i-City hotel and debut i-City AI World. The AI-powered hotel opening December 2025 will be Malaysia's first AI & robotics hospitality centre.
• AgiBot (智元机器人)flagshipStrategic or Co-development Partner · 22 August 2025AgiBot, China's leading embodied intelligence company, launched its first overseas AI and robotics hub at i-City. This is part of AgiBot's strategic initiative series across the Asia-Pacific region, marking Malaysia as the first hub. Partnership positions i-City as Malaysia's first AI and robotics centre.
• CelcomDigicoreTechnology or Integration · 30 October 2023CelcomDigi 5G network deployment in i-City to accelerate Shah Alam's transformation into ASEAN smart city, enabling 5G-enabled homes and businesses.
• HiltoncoreStrategic or Co-development PartnerDoubleTree by Hilton Shah Alam i-City operation - international hospitality experience within i-City development.
• Central Pattana (CPN)coreStrategic or Co-development PartnerCollaboration with Thailand's leading retail developer Central Pattana for international retail experiences at i-City.
• Al Rajhi Bank MalaysiacoreOthersAl Rajhi Bank purchased commercial asset at i-City Finance Avenue, strengthening institutional presence at i-City. This represents one of the world's largest Islamic financial institutions establishing operations in the development.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sunway Group: Malaysian integrated conglomerate with master-planned townships, Sunway Lagoon theme park, Sunway REIT malls, and hotels under Sunway Hospitality — the closest Malaysian analog combining property development, leisure attractions, retail mall, and hotels under one integrated platform.
• Mah Sing Group: Malaysian property developer focused on residential and commercial projects across the Klang Valley and key growth corridors; comparable Malaysian property buyer base and development pipeline economics.
• Sime Darby Property: Malaysian master developer of integrated townships (Subang Jaya, City of Elmina, Serenia City) with residential, commercial, and industrial components; directly comparable master-developer model with similar land-bank-driven economics.
• UEM Sunrise: Malaysian master developer of flagship integrated developments (Iskandar Puteri, Mont'Kiara) with residential, commercial, and mixed-use components; comparable in scale, master-developer structure, and Malaysian market exposure.
• IOI Properties Group: Malaysian integrated developer with mixed-use projects (IOI Resort City, IOI City Mall, Putrajaya townships) combining residential, retail, and hospitality; directly comparable integrated property-and-retail business model in the Malaysian market.
• Gamuda Land: Malaysian developer of smart townships (Gamuda Cove, twentyfive.7, Bandar Botanic) that integrate digital infrastructure, sustainable design, and connected-living features; the closest peer pursuing a 'smart township' positioning analogous to I-Berhad's AI City Platform narrative.
• SP Setia Berhad: Major Malaysian master developer of townships (Setia Alam, Setia Eco Park, Setia Tropika) with mixed residential, commercial, and retail components; comparable scale and integrated master-developer business model targeting similar property buyer segments.

Others

• GuocoLand: Singapore-based integrated developer with mixed-use projects (Tanjong Pagar, Guoco Midtown) combining residential, Grade A office, retail, and hotel components; thematically adjacent as an Asian integrated mixed-use developer with comparable asset-mix philosophy.

Regional players

• Central Pattana (CPN): Thailand's largest retail property developer and operator of mixed-use destinations; already an I-Berhad collaboration partner for international retail experiences at i-City, making it a directly relevant regional peer in retail-and-mixed-use development.
• CapitaLand: Singapore-based pan-Asian integrated real estate group with residential, retail (CapitaLand malls), and lodging exposure; comparable in integrated development model across Asia and increasingly relevant given shared smart-city and sustainability themes in newer projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCvpyBxzk8K8so7EsPoPRx6A
• Facebookfacebook.com/icitymy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about I-Berhad