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#Exclusive* Ivory Properties to unveil Penang projects

KUALA LUMPUR: Penang-based Ivory Properties Group which is aiming for a listing on the local stock exchange soon is launching projects with a total gross development value (GDV) of RM514 million this year.

The projects include The Peak Residences and The Latitude, both at its 13.7-acre The Peak development in Mount Erskine, Tanjung Tokong, and boutique bungalows and villas at its Island Resort development in Batu Feringghi, said Executive Director Datuk Seri Nazir Ariff in an email to theedgeproperty.com

The Peak Residences has a GDV of RM221 million. It comprises 609 condominium units and 30 units of 2-storey commercial entities. The condo units range from 1,000 sq ft to 5,000 sq ft with prices from RM300,000 to RM1.8 million.

The Latitude is another condo development with a GDV of RM117.5 million comprising 292 condo units and eight shop offices.

The developer is also offering resort villas with a GDV of RM32.7 million and boutique bungalows with a GDV of RM65.5 mil at the Island Resort development. The bungalows with built-ups from 5,000 sq ft to 8,000 sq ft are tagged from RM2.5 million.

When completed, the Island Resort will comprise a private recreational clubhouse, the  "10 Island Resort" enclave comprising three blocks of 266 condo units, and 15 units of 4-storey resort villas.

The Island Resort will also see the development of boutique bungalows, and a two-block condominium with 76 units in each block known as 1 Island Resort.

Ivory Properties is the developer of the iconic RM1.3-billion Penang Times Square (PTS), a 5.2-hectare mixed development in the heart of George Town.

PTS was recently awarded the Best Mixed Use Development Malaysia at the Asia Pacific Property Awards 2010 held in Hong Kong on April 16.  Nazir received the award on behalf of Ivory Properties.

“It’s a feather in the cap for Ivory as a relatively young developer, to have won recognition at the prestigious Asia Pacific Property Awards.

“This award helps in enhancing our status in the industry and will bolster our corporate profile as we embark on our public listing exercise,” said Nazir.

The developer said it was in the final stage of the listing process and was aiming to be listed sometime this month or next.

Launched in 2004 and to be developed over 10 years, PTS features condominiums, retail outlets, a mall, an 80,000 sq ft exhibition and convention center, as well as a hotel. The site had  once accommodated the Dato’ Keramat Tin Smelting factory.


Nazir receiving the award from Property Awards chairman Stuart Shield at a presentation ceremony in Hong Kong on April 16
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