City & Country: Briefs

Ivory Properties plans RM368 million condo, shopping complex in Penang
Ivory Properties Group Bhd has plans to build condominiums and a commercial complex with an estimated gross development value of RM368 million in Tanjong Tokong, Penang.

The developer said on Sept 15 that the project followed its proposal to acquire an additional 847,059 shares representing 94.12% of Tanjong Tokong Garden Development Sdn Bhd (TTGD) for RM37.64 million.

Ivory currently owns 52,941 shares or about 5.88% in TTGD, the registered and beneficial owner of several pieces of land in Bandar Tanjong Tokong opposite the Island Plaza shopping complex.

Glomac’s 1Q2010 net profit up 88% to RM15.5 mil
Glomac Bhd’s net profit was up 88% to RM15.55 million in 1Q2010 ended July 31, from RM8.34 million a year ago.

Glomac announced on Sept 21 that its revenue had increased 114% to RM126.31 million from RM58.98 million, while pre-tax profit had risen 79% to RM29.5 million, from RM16.5 million a year ago.

The results in 1Q reflected the progress in its key development projects like Glomac Tower, Glomac Damansara, Glomac Cyberjaya and the Bandar Saujana Utama township.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 825, Sep 27-Oct 3, 2010 

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