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Ideal United Bintang International Berhad and its subsidiaries announced a consistent revenue above RM500 million in its financial year period ending 31 December 2019, with a Total Comprehensive Profit of RM87.9 million for the period. Profit attributable to owners of the company stood at RM58.15 million in 2019, representing an increase of 10.70%.  The increase was mainly due to the completion of three (3) development projects during the year namely One Foresta, I-Santorini and Forestville. As at 31 December 2019, the gross property sold value for these 3 projects stood at RM1.84 billion, representing an average 96% take-up rate.

“Given the challenging environment and the local economic headwinds, we are proud to achieve such performance. The Group would not be able to do so without the strong support from our customers as well as the certain policies introduced by the government, particularly the 2019 Home Ownership Campaign”, said Tan Sri Datuk Alex Ooi, Executive Chairman of IUBIB.

Going forward, the Group remains cautiously optimistic for financial year 2020 with its property projects pipeline, namely, Imperial Grande and Amarene, both strategically located residential development at the growth corridor of Penang’s south west section. Imperial Grande, a condominium project targeted for completion at end of the year 2020, carries a gross development value of RM505.8 million with unbilled sales of RM154 million as of 31^st December 2019.  Amarene, meanwhile, carries a gross development value of RM288.0 million with unbilled sales of RM49.5million as of 31^st December 2019. Both these projects shall contribute positively to the Group’s financials in the coming year.

Also, the Group’s proposed investment into 1st Avenue Mall during the 2019 period also comes in timely and strategically for the Group in diversifying its income stream, with the mall’s high occupancy rate of approximately 90%. This should provide the Group with a consistent rental income stream for the financial year 2020.

“We expect a busy year in 2020, barring any major unforeseen circumstances. We will be launching our 1^st PRIMA project – Ideal Residency – in quarter 3 this year”, said Tan Sri Datuk Alex. Located in the established neighbourhood of Island Glades Penang, Ideal Residency will comprise approximately 1,200 apartment units spread across 3 tower blocks with a gross development value of approximately RM828.6 million.

Tan Sri Datuk Alex also revealed that IUBIB will continue to source growth opportunities with emphasis on the development of value-added affordable housing schemes. With the line-up of existing and upcoming projects as well as the Group’s diversification into other stable revenue sources, the Group remains confident in recording another good performance in the financial year ended 2020.