PETALING JAYA: Penang-based project management services provider Ideal Sun City Holdings Bhd is acquiring 15 plots of leasehold industrial land located in Anzen Business Park off Jalan Kepong from Tan Hua Meng for RM6.15mil.

The acquisition price excludes the goods and services tax.

The company said in a stock exchange filing that the properties were located on land that has been rented out with an average annual gross rental yield of 5.9%.

“The purchase consideration of the properties took into account of the management’s best estimate, enquiries on the market value of the similar properties in the vicinity and a valuation by an independent valuer Raine & Horne International Zaki + Partners Sdn Bhd,” it said.

It said the acquisition would be funded with internally generated funds.

The company said the investment would be held for the long term with a view of positive returns from a possible appreciation in real estate prices as well as rental income that will be derived on a recurring basis.

Ideal Sun City forms part of the Ideal Property group, which also includes Ideal United Bintang Bhd (IUBB), a heavy machinery and equipment trading company.

Ideal Property plans to turn IUBB into a property developer over the next five years with the injection of RM1bil worth of property projects into the company.

According to IUBB group executive chairman Datuk Alex Ooi, Ideal Sun City would continue to focus on project management with contracts coming from Ideal Property over a period of time.

Ideal Sun is principally involved in provision of project management services including project design evaluation, project value engineering and project construction management.