Image source: pr1ma.my

The wholly-owned subsidiary of Ideal Capital Venture, Ideal United Bintang International Bhd, has on the 21st of January signed a deal with PR1MA Corp Malaysia to jointly develop properties at Penang's Bandar Gelugor worth RM828.6 million.

It was stated in a statement to BURSA Malaysia that they will be jointly developing approximately 16.24 acres of land comprising two tracts of land in Bandar Gelugor.

Said Ideal United, "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.

It was further added that, “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.” 

(3 February 2020)