Ideal United Bintang International Berhad (IUBIB) had on July 9, 2019 submitted to Bursa Malaysia, announcing the acquisition by IUBIB of the 100% equity interest in Ideal Greencity Sdn. Bhd. (‘Ideal Greencity”). The 100% equity interest which comprises a total of 1,000,000 ordinary shares of RM1.00 each, was purchased for a total of RM994,000 with internally generated funds.

Following this acquisition, the new subsidiary, Ideal Greencity had ventured into property development activities. Its major upcoming project is a joint venture development project with Koperasi Kampung Melayu Balik Pulau Berhad, to develop 5 parcels of land measuring approximately 88.45 acres situated in Balik Pulau, Penang. This proposed integrated development will comprise of a resort/ hotel, 320 units of condominium, 360 units of low costs apartments, 67 units of double storey bungalow, 216 units of double storey semi detached houses, 222 units of double storey terrace houses, a private hospital, 24 units of retail shop and bazaar.

The proposed development is expected to carry a Gross Development Value (“GDV”) of approximately RM600 million over a period of 10 years. With this new injection of a wholly- owned subsidiary company into the Group, Ideal Greencity will be a new addition to the Group’s existing 7 development projects with a total GDV of 4.062b. The acquisition of Ideal Greencity is expected to contribute positively to the IUBIB Group in the long term.

Currently, 3 existing affordable housing projects undertaken by the Group are namely, One Foresta, Forestville and I-Santorini. These affordable housing projects which carries a total GDV of RM1.97b has received strong demands from purchasers and are now averagely 90% sold for each projects. Located in the established neighbourhood of Bayan Lepas and Tanjung Tokong respectively, the 3 projects have proven to be a popular catch amongst purchasers given its location and affordable pricing. Unbilled sales and remaining unsold GDV for the 1st quarter of 2019 stands at RM613m.

Meanwhile, 4 other projects within IUBIB Group had just entered into initial development stage and have achieved approximately 15% completion. Priced at an average of RM450,000 to RM600,000 per unit , these projects are located at strategic location within South West of Penang. The development projects which mostly comprise of apartment/condo units, landed houses, shoplots and office units, brings a total GDV of RM1.56b.

A proposed luxury development by PPH Resorts Sdn. Bhd. in Sungai Ara, Penang. Situated on the hill next to Setia Pearl Island, with panoramic views over Penang International Airport and second bridge. It is only 3km away from the airport, less than 15 minutes drive to the bridge.

This development comprises 68 units of 3-storey bungalow houses, with four different design layouts.

This is still in proposal stage. More details to be available upon official launch.

Project  Name : (To be confirmed)
Location : Sungai Ara, Penang
Property Type : 3-Storey Bungalows
Built-up Area : (To be confirmed)
Total Units : 68
Tenure : Freehold
Developer : PPH Resorts Sdn. Bhd.

Location Map:

First-time homebuyers burdened with student loans will now be able to buy their own home as they will no longer be blacklisted from buying a house under the Central Credit Reference Information System (CCRIS).

“This is only for the purpose of buying homes. They cannot buy cars or anything else,” said Housing and Local Government Minister Zuraida Kamaruddin.

She said borrowers could be eligible for any housing loan.

Zuraida said her ministry received approval for the exemption from the Education Ministry through the National Higher Education Fund Corporation (PTPTN).

This move will be included in the Youth Housing Policy that is expected to be launched in October, said Zuraida, adding she had discussed the matter with PTPTN chairman Wan Saiful Wan Jan.

“I called him about a month ago when I was in the process of finding solutions for end-financing packages for homes,” she said after attending the briefing on the Hi Home property conference to be held on July 25.

The conference will feature a three-month online property expo on www.hihomes.my, which highlights about 100 housing developments, 50% of which are listed under affordable housing.

The expo ends on Oct 31.

Meanwhile, Zuraida said the stalled affordable housing project under Perbadanan PR1MA Malaysia (PR1MA) in Rantau, Negri Sembilan, will be completed by its deadline of May 2020.

She said PR1MA was conducting due diligence and streamlining its processes with the ministry.

She said work on the Rantau project could start again soon as payments to contractors had been made.

“The team has discussed the solutions, which will be presented some time this week before they are executed next week,” Zuraida said.

It was reported that work on PR1MA homes in Rantau had stopped as contractors claimed they were not being paid, while homebuyers had already started servicing their loans.

Source: TheStar.com.my

Penang International Exchange, a proposed commercial development by Ideal Property Group in Bayan Baru. Strategically located next to the intersection of Jalan Tengah and Jalan Mayang Pasir, near Pantai Hospital. This master planned development sits on a 16 acres land, comprises the land currently occupied by Giant Hypermarket and the adjacent vacant land. It is within walking distance to Sunshine Square and Bayan Baru wet market.

This development will see the demolition of the existing 2-storey building, for the construction of several high-rise towers and shop offices in multiple phases:

Parcel 1

• Tower A1: 39-storey serviced residence (589 units)
• Tower A2: 39-storey serviced residence (589 units)
• Tower B: 39-storey serviced residence (820 units)
• 3-storey shop offices (55 units)

Parcel 2

• Tower C: 27-storey office suites
• 3-storey shop offices (30 units)

Parcel 3 (Phase 1)

• 28-storey office suites
• 2-storey commercial lot at ground and first level

Parcel 4 (Phase 2) 

• 50-storey affordable housing  (Tower A – 348 units)
• 50-storey affordable housing  (Tower B1 – 427 units)
• 50-storey affordable housing (Tower B2 – 427 units)
• 2-storey shop office

Project Name: Penang International Exchange (formerly known as Bayan Baru City Centre)
Location : Bayan Baru / Bayan Lepas
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: (refer to above)
Indicative Price: (to be confirmed)
Developer : Ideal Property Group

Location Map:

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Penang island, which resembles a turtle, will have a turtle-shaped art gallery by the end of 2021.

The unique project, called the Lin Xiang Xiong Art Gallery, is the outcome of a collaboration between renowned Singaporean artist Prof Lin Xiang Xiong and IJM Corporation Berhad.

Chief Minister Chow Kon Yeow said the proposal to set up the 88,000sq ft building on a 0.9 acre site was from Lin’s idea to construct an art gallery.

“The art gallery will be strategically located along the shores at The Light Waterfront.

“We believe that this art gallery will serve as a link and platform to foster more art collaborations in the community.

“Once completed, it will attract a different group of tourists to Penang, such as art enthusiasts.

“It will also strengthen Penang’s position as a hub for arts and culture,” he said after attending the groundbreaking ceremony of Lin Xiang Xiong Art Gallery at The Light Waterfront on 02 July (last Tuesday).

The Light City offers a mixture of commercial and residential developments along the coastline.

According to the developer’s website, The Light City makes up 22% of the entire The Light Waterfront.

Chow said the state fully supported the project and looked forward to working closely with IJM and Lin.

Also present were IJM’s chief executive officer and managing director Datuk Soam Heng Choon, Unesco Collection Works of Art curator Tania Fernandez de Toledo, Global Chinese Arts and Culture Society honorary president Liu Thai Ker, Chinese Culture Promotion Society chairman Wang Shi and state Tourism Development, Heritage, Culture and Arts Committee chairman Yeoh Soon Hin.

Lin, who is also the Space Arts and Culture (M) Sdn Bhd president, said art is something that can be appreciated and valued.

He said this initiative would definitely enhance the quality of life for the folks in the city.

“It is a project undertaken to promote art, peace and harmony on a global scale,” he said in his speech.

Lin is a world-renowned artist and entrepreneur who has also held solo exhibitions all over the world.

In another development, Chow was full of praise for the AirAsia’s direct flight connecting Penang and Melaka, which was launched at the Penang International Airport (PIA) yesterday.

“It is a positive move to boost our tourism,” he said.

Source: Buletin Mutiara