Penang-based property developer, Ideal United Bintang International Berhad, has announced that it will be acquiring 17 parcels of freehold land in Seberang Prai for a whopping RM475 million.
Ideal via its 70% owned subsidiary, Lestari Duta Sdn. Bhd. and Mujur Sinarjaya Sdn. Bhd. has entered into two conditional sales and purchase agreements with Aspen Bell Avenue Sdn. Bhd. plots situated in Daerah Seberang Perai Utara, Negeri Pulau Pinang.
Of which 7 parcels of the freehold lands are situated in Daerah Seberang Perai Utara measuring approximately 20,350,035 square feet for RM254.6million and 10 parcels of freehold lands situated in Mukim 3, Daerah Seberang Perai Utara, measuring approximately 15,994,570 square feet for RM 220.7million.
The price per square foot was based on a willing seller and willing buyer basis which ultimately gave the 36,344,605.00 square feet land a price of RM13.08 per square foot.
Ideal viewed the land purchase as a positive move as the group is looking at the manufacturing sector which is expected to expand by 4.7% in 2022, as a steady performance of both export and domestic oriented industries continues to rise. It added that the stronger global demand for electrical and electronic products will continue to provide the impetus for Malaysia’s manufacturing sector. Thus it feels the demand for industrial plots should be encouraging.
Tan Sri Datuk Ooi Kee Liang the Executive Chairman for the group has helped change the skyline of Penang with many projects including One Imperial and One Foresta high-rise residential projects while a host of others coming online.