The Sun, 14 November 2011 - Dijaya, Ivory team up in Penang

The Sun, 14 November 2011

PETALING JAYA: Property developer Dijaya Corp bhd has teamed up with Penang-based Ivory Properties Group Bhd to develop mixed residential and commercial properties with an estimated gross development value (GDV) of RM10 billion in Bayan Mutiara, Penang.

Spanning 41ha, of which 27ha is existing land and 14ha to be reclaimed, the land is strategically located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong.

The land will be converted to a mix of residential, shopping mall, hotel, office suites, office towers, retail spaces and open mall with boulevard.
The development will be completed over the next eight years, with Phase I scheduled to begin next year.

On July 25, Ivory had announced it had received a letter of acceptance from the Penang Development Corp (PDC) on its proposal to purchase and develop 41ha of mixed development land in Bayan Mutiara for RM1.07 billion or RM240 per sq ft.

Under the latest joint venture (JV), Dijaya and Ivory have formed a company called Tropicana ivory Sdn Bhd with Ivory taking a 51% stake in the project and Dijaya, the remaining 49%.

"Dijaya is famous for its its series of lifestyle homes within a resort environment as seen in the award-winning development, Tropicana Golf & Country Resort. With the property company beefing up its financial muscles and market presence, this potential joint-venture will add vibrancy and spur the economic growth of Penang," Ivory CEO and chairman Datuk Low Eng Hock said in a joint statement last Friday.

"This signing is another milestone for Dijaya's investment outside of the Klang Valley in addition to the southern region. Our investment in Penang is an affirmation of the company's confidence in the growth potential of this region and, with Ivory as our business partner, we hope to further contribute to the economic growth in Penang," Dijaya Group CEO Tan Sri Danny Tan Chee Sing said.