GEORGE TOWN (Nov 25): Ivory Properties Group Bhd is expected to see a 40% to 45% gross profit contribution from phases four and five of its Penang Times Square project on Jalan Datuk Keramat, over the next five years.

Its chief operating officer Goh Chin Heng told reporters that work on both phases would begin during the first quarter of next year, and are expected to be completed in 2020.

Goh said the group was also in talks with two local investors who are keen on purchasing and operating a business-class hotel, service suites and retail units in the fourth phase of the project.

“We are also open to a similar deal for phase five, which features a hotel only,” he said after the group’s extraordinary general meeting today.

The RM2 billion Penang Times Square project is broken into five phases, with the first two featuring a mall, residential units and commercial lots, while the third phase is currently underway.

Ivory Properties slipped 15 sen or 3.61% to close at 40 sen today, for a market capitalisation of RM184.9 million. --

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