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UBB, Ideal Property plan RM1.5bil projects in Penang

January 25th, 2014 Leave a comment

United Bintang Bhd (UBB), an importer and exporter of used and reconditioned heavy machinery, will pursue property development plans in Penang under the direction of its new majority shareholder, Datuk Alex Ooi.

Ooi, who now owns 32% of UBB, is the executive chairman of UBB and chief executive officer of Ideal Property Group.

He said UBB would work with Ideal Property Group, a Penang-based developer with 12 years of experience in the business, to pursue some of these projects, as the latter owns about 80ha of landbank on the island, located largely in the south-west district.

“We are looking at building more condominium properties priced between RM500,000 and RM700,000 per unit.

“The plan for this year is for UBB and Ideal Property Group to jointly launch some RM1.5bil worth of such projects on the island in the second half of 2014,” he said.

UBB is also looking to tap into the growing tourism market in Penang, which has attracted some six million visitors since it was declared a Unesco World Heritage Site in 2008.

“We plan to take this opportunity to invest in the development of new tourist attractions in the coming years as part of our diversification strategies, which include building a theme park in Penang.

“To cater to the increasing number of tourists in Penang, we plan to build two new hotels in Bayan Baru,” he said.

Ooi said UBB saw more future benefits for its shareholders from the development of high-quality premium development projects.

“This initiative will consolidate, strengthen our current finances and transform UBB and Ideal Group into one of the top property developers in Penang.

“With new funds, we want to be more than just a property developer. Being a Penang home-grown developer, Ideal Property wants to create a legacy for Penang, not by encouraging the appreciation of asset values but build properties that promote great appreciation of life for the next generations to come with great emphasis on wellness,” Ooi added.

He added that UBB’s board of directors had already endorsed the change of UBB’s name to Ideal United Bintang Bhd (IUBB).

The name IUBB has been approved by the Companies Commission of Malaysia and is now waiting for the shareholders’ approval at the forthcoming EGM.

Source: StarProperty.my

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  1. PP
    January 27th, 2014 at 14:28 | #1

    This CEO really keng!

    Keep expand business….

    Even for small road opening also can get CM to officiate…..at least this give a stamp of assurance for One residence buyer la…..no worry they runaway anymore.
    In fact quality improve a lot from those “bad old days”

    Disclaimer I m 100% not Ideal employee!

  2. yoyo
    January 27th, 2014 at 15:30 | #2

    This small road really opens a big relief to Sungai Ara traffic…good job Ideal and Datuk Alex.

    Disclaimer I m 100% not Ideal employee!

  3. Vin
    January 27th, 2014 at 15:46 | #3

    Becareful ….. This fellow is the son of Rich Focus , who build the Crystal Point , Crystal Suites , …….. And the father has lots of court cases due to double sales of the his property…. Big snakes..

  4. Summerton
    January 27th, 2014 at 16:26 | #4

    @Vin

    You may want to take a look at Summerton. No double sales.

  5. Super LMC
    January 27th, 2014 at 20:32 | #5

    Vin :Becareful ….. This fellow is the son of Rich Focus , who build the Crystal Point , Crystal Suites , …….. And the father has lots of court cases due to double sales of the his property…. Big snakes..

    Ideal has changed alot for international branding and aiming, they no more dare to do snakes.

  6. JesusAllah
    January 27th, 2014 at 23:54 | #6

    As the saying goes : you loose some money you lost nothing, if you loose a friend you lost something but if you loose your name you lost everything..

  7. how
    January 27th, 2014 at 23:56 | #7

    good one

  8. Summerton
    January 28th, 2014 at 10:57 | #8

    Is Summerton is by Ideal or GSD ? I heard they r the same entity? If sales is good then everything will be fine. Once any project “sangkut” then some hanky panky things will come out. Just extra careful when it involve bad reputation developer…@Summerton

  9. Summerton
    January 28th, 2014 at 16:07 | #9

    @Summerton

    Summerton confirmed no double sales, no snakes.

  10. Good move
    February 4th, 2014 at 03:45 | #10

    I think it’s a good and quick move to get listed in stock exchange by acquiring another listed company although by itself they also can get listed already. Many companies do this to grow faster and further.

    They are already one of the biggest property developers from png, if not the biggest. I don’t see any reason for them to do hanky panky, runaway, snake etc.

    Although i don’t know much about previous history, I also don’t see a point to link to previous or father and son thing. Just imagine it is your father and you. If your father is a “snake” or a just a plain lousy fella, does that make you ONE? You can be what you want to be if you aim for it. Sorry if i offend anyone here….just my opinion. I am just proud that penang has another company that made it big. Penang BOLEH!

  11. Good move
    February 4th, 2014 at 23:59 | #11

    @TuaLamPah I guess you know more since you know the FACTS in detail of this company.

    I am just outsider looking from outside in. I am not sure what rule and law they have broken but I see some wonderful projects they have completed in Sg ara and Bayan baru.

    But I still maintain my opinion. I still cannot see them running away with buyers money. They are huge enough with good support from financial institutions and state, success in their projects and joint ventures, huge landbanks, etc. I don’t think they can have any of these if they break every single rule and law.

  12. PP
    February 5th, 2014 at 00:55 | #12

    Hmmm…..let’s forget about SNAKES or “hanky-panky” issues,

    if really concern there is always choice of subsales. there are so many landed choices in great location and sometimes cheaper (in term of “real” value not absolute dollar) than those new launch condo.

    the fact many of us are here because one way or another we are interested in properties for some reasons……

    in Subsales, U get what u see and u see what u get, isnt it?

  13. TuaKong
    February 6th, 2014 at 11:06 | #13

    @Good move

    Remember Penas? Public listed company with a string of projects in all the prime locations? Could a public listed company with all they had at that time have broken all the rules and law to get to where they were, the answer is YES…..:)

    @PP

    We should learn from history, not forget it. That’s how people get wiser over time. Nevertheless, maybe you can share with us your subsale story….:)

  14. Good move
    February 7th, 2014 at 02:52 | #14

    @TuaKong .I see. Just for my info, what are the rules and laws that you mentioned can be broken? I would like to use this as reference to check before i buy any project.

    I have been told of the same very negative comments before, but found out later that person still booked a nice unit there and the project sold out later. I don’t know whether to screw that person or laugh. It’s better i make my own assessment. Listening too much to others will cloud the mind. So it would be great if you can share so that i can make proper judgement of their projects. Thanks.

    @PP Ya i am interested to know more too as i am new to investing in properties.

  1. August 20th, 2016 at 01:06 | #1
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