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Ideal Group to buy Penang 1st Avenue Mall

GEORGE TOWN, PENANG – Developer Ideal United Bintang International Berhad (IUBIB) has announced its proposed acquisition of one of the main shopping malls in Penang, 1st Avenue Mall at RM153 million.

With its core activities of building housing and commercial units mainly in Penang, the proposed acquisition will be the group’s first venture into property investment holdings.

1st Avenue Mall, opened in 2010, has 407,076 sq ft of net lettable space. The property is located next to Komtar, Penang’s tallest skyscraper and the sixth tallest building in Malaysia.

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