Ivory Properties sells Birch House for RM18 mil to ENS Timah

• Birch House is a double-storey colonial mansion with a floor area of 18,710 sq ft.

PETALING JAYA (May 7): Practice Note 17 (PN17) company Ivory Properties Group Bhd has signed a deal to sell a heritage commercial building known as The Birch House (pictured) in George Town, Penang, for RM18 million with ENS Timah Sdn Bhd.

According to a bourse filing yesterday, The Birch House is a double-storey colonial mansion with a floor area of 18,710 sq ft. It was once the office of Eastern Smelting, a major 19^th century tin company. The building has since been restored and is currently home to a McDonald's outlet. The property sits on freehold land but has yet to receive a separate strata title.

Ivory Properties originally bought the building in 2013 for RM14 million from its subsidiary, Ivory Gleneary Sdn Bhd, which is now under creditors’ voluntary liquidation.

The building was later used as collateral for a loan from Bank Islam. According to a recent valuation by One Asia Property Consultants, the market value of the building is RM18 million.

ENS Timah Sdn Bhd, the buyer, is a property firm owned by Thirupathi Capital Sdn Bhd. Thirupathi is backed by two investment holding companies—Shan Poornam Family Sdn Bhd and Thirupathi TSJ Sdn Bhd. The companies share several directors and have business interests in real estate development and investment.

Ivory Properties expects to gain about RM7.28 million from the sale after deducting the building’s net book value, which stood at RM10.72 million as of March 31, 2025.

Payment will be made in stages, with RM2.5 million already received as a deposit. The remaining amount will be paid within three months, unless extended by both parties.

The transaction is expected to be completed by the third quarter of this year.

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