KUALA LUMPUR (March 5): An upbeat Ivory PROPERTIES [] Group Bhd plans to roll out residential and commercial projects on Penang island with a total gross development value of RM1.4 billion this year.
Its chairman and group chief executive officer Datuk Low Eng Hock said they were targeting some RM800 million of sales in 2012, including on-going projects.
The projects to be launched are The Latitude in Mount Erskine, Penang Times Square phases three and four, City Mall and City Residence in Tanjung Tokong.
“Last year, we booked RM121.8 million of sales for completed and on-going project as well as unbilled sales of RM227 million. We are expecting a rise in the amount this year since we have more projects to offer this time, not forgetting the much anticipated Penang World City development in Bayan Mutiara,” he said in a press statement after the EGM on Monday.
At the EGM, Ivory Properties shareholders approved the company's plan to purchase and develop a 41.02ha site in Bayan Mutiara from Penang Development Corporation and Chief Minister of Penang (Incorporation).
They also approved the joint venture with DIJAYA CORPORATION BHD [] to develop the land. Undertaking the project would be the JV company -- Tropicana Ivory Sdn Bhd which is 55% owned by Dijaya and 45% by Ivory Properties.
The plan is to undertake a mixed-use residential and commercial property project named Penang World City with estimated GDV of RM10 billion.
Its chairman and group chief executive officer Datuk Low Eng Hock said they were targeting some RM800 million of sales in 2012, including on-going projects.
The projects to be launched are The Latitude in Mount Erskine, Penang Times Square phases three and four, City Mall and City Residence in Tanjung Tokong.
“Last year, we booked RM121.8 million of sales for completed and on-going project as well as unbilled sales of RM227 million. We are expecting a rise in the amount this year since we have more projects to offer this time, not forgetting the much anticipated Penang World City development in Bayan Mutiara,” he said in a press statement after the EGM on Monday.
At the EGM, Ivory Properties shareholders approved the company's plan to purchase and develop a 41.02ha site in Bayan Mutiara from Penang Development Corporation and Chief Minister of Penang (Incorporation).
They also approved the joint venture with DIJAYA CORPORATION BHD [] to develop the land. Undertaking the project would be the JV company -- Tropicana Ivory Sdn Bhd which is 55% owned by Dijaya and 45% by Ivory Properties.
The plan is to undertake a mixed-use residential and commercial property project named Penang World City with estimated GDV of RM10 billion.
