Ideal Sun City aims to secure 3 contracts worth RM40m in next 6 months

GEORGE TOWN (Feb 24): Property management service provider Ideal Sun City Holdings Bhd aims to secure three contracts worth up to RM40 million in total in the next six months, propelling its transfer to the Main Board on Bursa Malaysia in a year's time.

Its group managing director Datuk Alex Ooi Kee Liang said with these contracts — two in Kuala Lumpur and one in Penang — it expects a 50% growth in revenue for the financial year ending Dec 31, 2016 (FY16).

Speaking to reporters after the group's extraordinary general meeting, Ooi said the group would be signing two property management contracts with a total value of RM29 million soon.

"We are going to be busy in the next four to five years with all these projects. Following the acquisition by Klang-based Success Tower Sdn Bhd (in November last year), we hope to gain more projects in the south.

"Meanwhile, we will be signing a hotel project management deal in the next few days. The value of the contract is RM3 million.

"The other project involves a mixed development project called Publika Penang on Jalan Tun Dr Awang in Bayan Lepas with a gross development value of RM1.5 billion. The property management value is worth between RM24 million and RM26 million," he said.

At 12.17pm, the stock was unchanged at 45 sen with 60,200 shares traded. It had a market capitalisation of RM85.02 million. — theedgemarkets.com

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