PENANG: Penang-based Ideal Property Group plans to launch two developments by mid-2014. The first is Solaria, a mixed-use project in the group’s RM1.2 billion One Residence development in Bayan Lepas and the second is the RM475 million Imperial Residences in Sungai Ara.
One Residence sits on 100 freehold acres (40.5ha) and began construction in 2009. Solaria will be its latest launch. Previously launched were Sathu Terrace and Dua Villas, both residential projects.
The group said One Residence will be the first “green community” incorporating both the slow city life and the Lifestyle of Health and Sustainability (Lohas) concept.
The second project to be launched will be Imperial Residences, which is within the group’s residential project called Imperial Park.
“At the moment, the Imperial Park project is the first of its kind, introducing a resort and theme park-style condominium,” said the group.
In the pipeline is a luxury condominium with a sea-themed concept, with which the company plans to transform the current landscape of Queensbay coastal area.
“The Queensbay coastal area development is still in the planning stage so the launching period has yet to be confirmed,” the group told The Edge Financial Daily.
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| Ooi: The Imperial Park project is the first of its kind, introducing a resort and theme park-style condominium. |
The group recently acquired major stakes in United Bintang Bhd, through which it plans to diversify the core business of import and export of used and reconditioned heavy equipment and machinery used in property development.
“Ideal Property Group foresees benefits and will offer high quality, premium projects to its customers through United Bintang Bhd,” said the group.
“This initiative will not only help consolidate and strengthen the group’s current finances under the management of Datuk Alex Ooi, but also enhances considerably healthy growth in the next few years, turning Ideal Property Group into one of the top property developers in Penang.”
Apart from developing residential projects, the group plans to venture into the hotel and tourism industry in the near future, with the construction of new tourist attractions in Penang.
“This move is not only to support the economic development of Penang but also to contribute the group’s expertise to its homeland while uplifting the image of Penang to the world,” it said.
This article first appeared in The Edge Financial Daily, on February 07, 2014.
