Kwong Wah Yit Poh, 12 November 2011 - Dijaya Corp Property Tie-up
Kwong Wah Yit Poh, 12 November 2011
Datuk Low Eng Hock announced that the estimated RM10 billion development plan is a very huge project. In order to ensure that the development projects run smoothly and efficiently, the company has invited a company from Kuala Lumpur – Dijaya Corporation Berhad – to join venture with them.
As shown in past records, the company had, before this, twice joint-ventured with Dijaya to build quality projects. One such project is Moonlight Bay (Villa and Condovilla) at Bukit Ferringhi, Penang, and another one is the Aston Villa at Bukit Mertajam, Penang.
Before the announcement was made by the Penang Development Corp to develop the piece of land in Bayan Mutiara, many people thought that this project would be given to foreign investors or to developers from other states. This speculation, however, was proven wrong when the project was finally awarded to local developer Ivory Properties Group Bhd, Penang.
PROJECTS WILL BOOST PENANG’S ECONOMY
As a developer in Penang, Datuk Low Eng Hock said that he is very honoured and proud to be given this project. He said that this project will not only help to boost the economy of Penang but it will also benefit the people in Penang either directly or indirectly.
He said with this development, Ivory Properties Group Bhd will not only work with local suppliers and businessmen, they will also employ local people to work. In this way, he feels that all the revenue would, therefore, be retained in Penang and will not go out of the state.
As to why the Penang state government sold this golden piece of land belonging to Penang Development Corp to the developer instead of using this land to build more affordable houses for the people , Datuk Low explained that the state government had received a very good price for the sale of this piece of land.
He stressed that it is a win-win situation. With the sale of the land, the state government can use the money to buy a much bigger piece of land to build more low cost, medium and affordable houses for the people.