PR1MA and Ideal to jointly affordable housing at Gelugor

Property News/ 22 January 2020 Leave a comment

Picture for illustration only

Ideal United Bintang International Bhd’s wholly-owned subsidiary Ideal Capital Venture Sdn Bhd had today signed a head of terms with PR1MA Corp Malaysia to jointly develop RM828.6 million worth of properties at Penang’s Bandar Gelugor.

In a statement to Bursa Malaysia today, Ideal United said Ideal Capital and PR1MA plans to develop some 6.5ha (about 16.24 acres) of land comprising two tracts at Bandar Gelugor.

“This development is expected to contribute positively towards the revenue and earnings of Ideal (United) in accordance with the stage of progress to be recognised over the next three to five financial years.

“The development does not entail different risks other than those applying to the existing business of Ideal (United), being property development which includes, inter alia, general business risks in relation to the industry, impact of government policies and regulation on the industry, competition and dependence of key personnel. The company will take necessary steps to mitigate the risks as and when they occur,” Ideal United said.

Find out more about PR1MA @ Bukit Gelugor

Source: EdgeProp.my


  1. Internation
    January 22nd, 2020 at 17:27 | #1

    Lately, I can feel our economic situation has really improved with a slew of good feelings aspecially in Penang state. Just to quote a supposed to be (tech) expert from China in describing our young talents : Penang was misunderstood for such a long time when actually, it’s a gem deprived of shine in the public ! 禾秆盖珍珠。

  2. kokonat
    January 27th, 2020 at 09:02 | #2

    Whether the REAL economic situation has improved or not, it shouldn’t be about how you FEEL, but should be about what the numbers show. As long as the stock market remains depressed (which shows that smart money doesn’t think listed businesses will be doing well), as long as housing price is not moving upwards (which shows negative sentiments among home buyers), as long as MYR exchange rates remain at historical low level (which means purchasing power of malaysians remain bad and sad), a random quote by a so-called tech expert from China means NOTHING to our economy. Don’t be naive.

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