United Bintang to conclude building sale

GEORGE TOWN: Property developer Ideal United Bintang Bhd (IUBB) expects to conclude the sale of 22 floors of commercial space in the 26-storey Menara LA in Penang by early next year.

Group executive chairman Datuk Alex Ooi said the Bayan Lepas-based company was negotiating with two potential buyers.

“We expect to conclude the deal in the first quarter next year,” he said after a shareholders’ meeting.

At the meeting, the company obtained shareholders’ approval to acquire another 12 floors in Menara LA for RM19.5mil.

The company bought 10 floors in Menara LA for RM15mil in May last year.

“We plan to renovate the floors for office and residential use,” Ooi added.

Ooi, who is also the executive chairman of Ideal Property Group (IPG), said IPG had just injected RM925mil I-Santorini in Tanjung Tokong into IUBB.

IPG is the parent company of IUBB.

“Under IPG, there are still 8,000 units of properties with an over RM4bil GDV to be implemented over the next 10 years.

“We also have about 250 acres of undeveloped landbank on the island under IPG,” he said.

These 8,000 projects would be located in Green Lane and Bayan Lepas in 10 years and each unit would be priced between RM400,000 and RM500,000” he said.

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