Ideal Group to inject property assets into IUBB

Ooi: ‘These properties will have to be injected into IUBB over a period of time.’

GEORGE TOWN: Ideal United Bintang Bhd (IUBB), a heavy machinery and equipment trading company, said its parent company Ideal Property Group will inject a RM1bil property project into the company by the end of this year.

This is part of an on-going corporate exercise over five years to turn IUBB into a property company.

Group executive chairman Datuk Alex Ooi said after an AGM that the group now has about 288 acres (116ha) of landbank on the island, with 25,000 units of properties planned.

“About 20,000 has been approved for more than 10 projects.

“But these properties will have to be injected into IUBB over a period of time in accordance with Security Commission regulations,” he said

By the end of 2015, IUBB hopes to bring in the RM1bil I-Santorini condominium scheme in Tanjung Tokong from its parent company into IUBB, Ooi said. 

On Ideal Suncity City Holdings Bhd, Ooi said the company would focus on project management schemes.

“These projects would be transferred from the parent company, Ideal Property Group, into Ideal Sun City over a period of time,” he said.

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