Nanyang Siang Pau, 12 November 2011 - Dijaya, Ivory Rise on Penang Property Tie-up RM10 billion Penang Property Venture in Penang WorldCity

Nanyang Siang Pau, 12 November 2011

Ivory Properties Group Bhd (main property stock, 5175) and Dijacor (main property stock, 5401) will join venture to build the Penang WorldCity with a gross development value of RM10billion, leading Penang as an international city.

Ivory Properties Group Bhd (Ivory 5175, main property stock) and Dijaya Corp (DIJACOR, 5401 main property stock) will resume trading on Monday following the announcement of their tie-up.

The two companies have announced a tie-up and have asked for a one-day suspension in trading of their shares today. On Thursday, the closing share price of Ivory Properties Group Bhd was RM1.00 while DIJAYA Corp closed at RM1.39.

The two companies will join hands to develop a mixed residential and commercial property at Bayan Mutiara, Penang with a gross development value of RM10 billion.

The Penang World City is planned to include luxury condominiums, medium-rise condominiums, business suites, services residences, iconic office block, commercial and retail spaces, waterfront villas, hotel and a waterfront entertainment hub.

Besides, it will also have an open shopping boulevard which is the biggest development investment.

This new development hub is situated in Bayan Mutiara, which is situated in between the Penang Bridge and the up-coming second Penang Bridge. It is also near to the Penang International Airport and in the vicinity of Sungai Nibong commercial centre. It is also near Georgetown.

DEVELOPMENT TAKES EIGHT YEARS TO COMPLETE
At the signing of the purchase and development agreement, the Chairman and Chief Executive of Ivory Properties Group Bhd, Datuk Low Eng Hock, said that the project will be completed in eight years and work on the first phase is scheduled to begin in 2012.

He said many couples chose the date 11.11.2011 for their wedding day. However, Ivory Properties Group Bhd has chosen this special day to sign the purchase and development agreement between Chief Minister of Penang (Inc) and Penang Development Corp, which means “forever and ever” working together with the Penang state government for its future development.

Penang World City covers 102.56 acres, of which 76.56 acres comprised existing land and 35 acres are to be reclaimed.

The land was bought at RM 240 per sq ft from the Penang Development Corp and the total cost is RM1.07 billion.