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Ideal Group of Companies Inc. (OTC:IDGR) Stock In Focus After Latest News

The acquisition of new assets is almost always seen as a major new development by market participants, and as a consequence, it is likely that the Ideal Group of Companies Inc. (OTC:IDGR) stock is going to come into focus this morning.

Yesterday, the company hit the newswires after it announced the signing of a purchase agreement for a land parcel encompassing 10.67 acres in Anderson, South Carolina. The parcel of land would be used by Ideal Group of Companies for the purpose of building its premium real estate project. In the news release, the company also announced that the first phase of the project alone commanded a projected value in excess of $40 million upon conclusion.

The company revealed that its plans were centered on multiple phases for the project in order to build and then sell multi-family semi-customized homes. It would also include condos and townhouses on the above-mentioned parcel of land. In the first phase of the project development, Ideal Group of Companies would work on preparation of the site, design, and eventually the construction of the first group of 16 townhouses. The company signed the purchase agreement for the land parcel with the Brownville, Texas-based H & L Innovations LLC, who would continue to have a 16% stake in the property.

The parcel of land is situated in a pristine zone in Anderson County and is perfectly suited for developments spanning multiple phases with a range of multiple use options. Robert Egeland, who is in charge of real estate development and financing subsidiaries at Ideal Group of Companies, spoke about the latest move yesterday. He stated that the latest property would be a great opportunity for Ideal Group of Companies to showcase the company’s real estate development project located in South Carolina. He went on to note that the company was working on optimal configuration.