The Star, 24 June 2014 - Ivory plans RM1.4bil projects

The Star , 24 June 2014

GEORGE TOWN: Ivory Properties Group Bhd plans to develop high-end residential properties with a gross development value (GDV) of RM1.4bil to RM2bil on its 80-acre land bank in Penang over the next couple of years.

Group chief executive officer Datuk Low Eng Hock said the new projects were planned for the group’s land bank in Tanjung Tokong, Batu Ferringhi, Jesselton and other parts of the Penang island.

“In Jesselton, we have 53 acres while some 17 acres are in the Tanjung Tokong and Batu Ferringhi, and the remainder in other parts of the island,” he said after Ivory AGM.

“In Jesselton, we plan to develop high-rise condominiums and boutique bungalows while in Tanjung Tokong and Batu Ferringhi, the plan is to build high-rise residential properties.”

For the fiscal year 2014, the group aims to generate about RM180mil in revenue from new and ongoing projects such as The Latitude, Taman Bukit Erskine, City Mall & City Residences, and The Wave on the island.

“About RM30mil will be generated from the sales of completed projects in Penang. The remaining RM150mil will be from new launches,” he added.

On the Plaza Rakyat development, Low said the company was in the process of procuring an extension for the conditional acquisition and rehabilitation agreement (ARA) with Plaza Rakyat Sdn Bhd to acquire the leases and development right of the project land.

“The last extension ends on June 4 and we need more time to meet the conditions precedent stated in the ARA.

“Our proposal to Datuk Bandar Kuala Lumpur has given special attention to the interest of the end purchasers, whose deposit money has been tied up by the project during their purchase from the previous developer and we hope to help solve their woes soon,” he said.

Moving forward, Low said the group would expand its business down south after successfully becoming a household name in the northern region, in particular in Penang.

“We are in discussions with several land owners in Kuala Lumpur and Johor and the outcome has been very positive. We will announce in due course once we reach a final conclusion. We are interested in joint-venture projects with the landowners,” he said.

On Tropicana Ivory Sdn Bhd, a joint-venture company between Ivory and Tropicana Corp Bhd, Low said it would roll out Phase 3A of the Penang WorldCity development by the end of the year, following the success of Phase 1A.

“We manage to achieve over 90% sales for Phase 1A, so we’ve decided to release the next phase to cater to the increasing market demand,” he said.