Anderson, South Carolina--(Newsfile Corp. - September 5, 2024) - Ideal Group of Companies, Inc. (OTC Pink: IDGR) ("Ideal Group" or the "Company") has signed a purchase agreement for an initial 10.67-acre land parcel located in Anderson, South Carolina for development of its premiere real estate project. Based on the planned configuration, phase one of the project has a projected value of over $40 million at completion.
Ideal Group's plans call for a multi-phase project to build and sell semi-custom, multi-family homes, including townhouses and condominium units on the land parcel. The project is expected to begin with phase one, which encompasses the site prep, design, and construction of the first 16 townhouses.
Ideal Group of Companies, Inc. signed the deal to acquire the parcel from H & L Innovations LLC of Brownsville, Texas, which will retain a 16% share in the property. The property is located in a pristine area of Anderson County and is ideally situated for multi-phased development with various mixed-use options.
Robert Egeland, who oversees Ideal Group's real estate development and financing subsidiaries, states, "This is a great property that is very well suited to position our showcase real estate development project in South Carolina. Our planning calls for a mixed-use development that may include semi-custom townhomes, condominiums, and multifamily homes. We are currently working on the optimal configuration to provide the best value and premium living spaces that will set the standard for the additional phases."
South Carolina is one of the states that has benefited most from the mass migration away from heavy tax burdens and government overreach. Statistics on the region's migration patterns indicate that 706,266 people were added via net domestic migration in 2023, while net international migration contributed almost 500,000 in the same period (Source: US Census Data). Anderson is especially well situated for new multifamily real estate development with its easy access and central location.
"We expect to deliver premium housing options that fit the lifestyle people are now looking for in South Carolina. That means real value and affordability. We want to build as part of a growing, vibrant community, and at the same time return excellent value to our shareholders," states Charles Cardona, CEO of the Ideal Group of Companies.
"This project signals the kickoff of a great season ahead for Ideal Group. We are fully invested in creating a winning project that sets the tone for the next phases and our other planned projects in the works," Cardona adds.
About Ideal Group of Companies Inc.
Ideal Group of Companies Inc. (idealgroupcorp.com) is a diversified real estate and financing company. Its real estate development division under the brand Eclipse Real Estate Development is engaged in acquiring, developing, and operating multifamily, mixed-use, commercial, and residential real estate, vacation rentals, RV resorts, and housing development projects. Its mortgage brokerage division under Oxygen Mortgage Inc. provides consumer mortgage services and, through Oxygen Commercial, provides financing for commercial projects. Ideal Group Inc.'s wholly owned subsidiary, Portfolio Partners, Inc., is the parent company of Travel Zen, Inc., which acquires deeds to fractional timeshares in a portfolio of premium resorts at some of the most popular resorts in the USA. For more information, visit idealgroupcorp.com.
Contacts:
Ideal Group of Companies Inc.
Tel. +1-833-433-2599 Ext. 2
Charles Cardona, CEO
ccardona@idealgroupcorp.com
DISCLAIMER and FORWARD-LOOKING STATEMENTS
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222159
SOURCE: Ideal Group of Companies Inc.
