KUALA LUMPUR: Iris Corp Bhd’s property development foray into Solomon Islands is estimated to generate a potential gross development value of RM1bil and see its “Smart Village” template being replicated overseas.

Group managing director Datuk Tan Say Jim told StarBiz the venture materialised when the group chanced upon a Sarawakian partner who owned land in Soloman Islands. Iris will provide its IRIS-KOTO industrialised building system (IBS) for the development, which Tan claimed allowed for the construction of a double-storey bungalow in four weeks.

The company announced last month it would take a 51% stake in JR Development (SI) Co Ltd for close to RM3mil. The deal would give it the opportunity to develop properties on 100ha in Mamara, Honiara, Solomon Islands.

Tan said although it would appear that property development was a new foray for the e-passport maker, Iris had acquired the know-how two years earlier after it completed the Rimbunan Kaseh smart village project in Lipis, Pahang.

The project is a township that provides affordable houses, recreational facilities and an integrated, sustainable farm for the community.

“The only difference between us and other property developers is that we do not have to find the land and sell the houses,” he quipped.

With that experience in Lipis, the company is prepared to sell houses commercially.

Tan said the company was invited to the Solomon Islands after the Prime Minister of Papua New Guinea visited Iris a few years ago.

Due to the price of houses there and the technology Iris has, the company felt it could fetch a double-digit profit margin for every house it builds. Tan said the homes it builds could see the company being categorised as a builder of medium- to high-end houses in the Solomon Islands.

Further, as it did not incur any holding cost for the land, it did not have to commit much capital, which made the opportunity seem attractive, he added.

At present, Iris is negotiating with a company in the Republic of Palau, a popular diving destination also in the Oceania region, for possible ventures, Tan said.

Eventually, the company hopes to set up a factory in the region to supply its IBS products as it grows bigger.

Commenting on its move to tender for jobs under the tourist refund scheme, he said: “Our trusted identification business requires us to work at airports, which is usually where tourists claim their refunds. So, it is a natural progression for us.”

Meanwhile, its Swiss partner, Global Blue, is a goods and services tax solutions expert, which has footprints in the United Kingdom, Singapore and South Korea, among others.

Guy read SaY JIMS interview with star
sure tp before egm lah

pls read listing rules of bursa if u want to know requirement for transfer to main board

Please go to read the circular just posted on bursa website
pls read projects that is forthcoming
sure fly robin fly
take me to the sky