IUB

It will turned into a full fledged property player in 2015, with Penang based property developer Ideal Property Group set to inject its assets into the company.

The company’s business is currently (May 2014) divided equally between reconditioning heavy equipment and machinery, and property development.

It will be injecting its properties into the company when it does its corporate exercise.

Development projects with a GDV of rm1.5 billion are in the pipeline for IUB, among them a development project in Tanjung Pinang with a GDV of rm500 million and a project in Bayan Lepas with a GDV of rm1 billion.

It will selling off the assets of the existing business to suppliers and contractors to make way for property development business.

Its plans for property development projects outside Penang … in KL.

Datuk Alex Oooi, chairman of IUB is also a director in Ideal Sun City Holdings Bhd.