Ivory sees huge jump in revenue next year

GEORGE TOWN (June 20): Ivory Properties Group Bhd expects to see a huge jump in revenue next year amid several projects to be launched in 2H this year and early 2013.

Its executive director and chief operating officer Murly Manokharan said next year will be exciting for Ivory with the Bayan Mutiara development kicking in and being a turnkey builder for the project.

He said Ivory's balance sheet will be strengthened in 2Q following the acquisition of its associate company, Ivory Villas Sdn Bhd, for RM40 million for the remaining 51% equity interest.

Ivory will launch five residential projects in 2H and early 2013 with a gross development value (GDV) of over RM800 million.

Among the projects are phases three and four of Penang Times Square in Jalan Datuk Keramat with a GDV of RM300 million.

At a press conference after the company AGM on Tuesday, Murly said the first phase of the residential development in Bayan Mutiara will be launched at year-end or 1Q next year with a GDV of between RM700 million and RM800 million.

Other developments include the Island Resort bungalow project in Batu Ferringhi with 22 exclusive units ranging from 5,000 to 8,000 sq ft at a GDV value of  RM20 million to RM25 million, to be launched at year-end.

Ivory will also focus on City Residence and City Mall in Tanjung Tokong, a retail and residential property development, with a GDV of over RM400 million.

The development will comprise 80% residential units and 20% commercial properties, including 23 three-storey shoplots.

Another project is the beachfront condominium in Batu Ferringhi with a GDV of RM130 million. Comprising over 60 units, it is likely to be launched in 3Q next year.

Murly said a replanning of the project will be submitted to the state government by early next year after the earlier plan was rejected.

He said the established property developer in Penang will move to medium and high-end developments as super condominiums are getting less interest from investors. — Bernama