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Ivory targets to launch RM1.4bil GDV projects

GEORGE TOWN (March 5, 2012): Penang-based property developer Ivory Properties Group Bhd is targeting to launch projects worth a total gross development value (GDV) of RM1.4bil this year.

Among the projects to be launched in Penang are The Latitude in Mount Erskine, Penang Times Square’s Phase Three and Phase Four, City Mall and City Residence in Tanjung Tokong.

Ivory Properties chairman and group chief executive officer Datuk Low Eng Hock said they are targeting some RM800 million in sales in 2012, including sales from on-going projects.

“Last year, we have booked RM121.8mil of sales for completed and on-going projects as well as unbilled sales of RM227mil.

“We expect sales to rise this year since we have more projects to offer, not forgetting the much anticipated Penang World City development in Bayan Mutiara,” he said in a statement after its extraordinary general meeting on March 5 where its shareholders approved the company's plan to purchase and develop the 41.02ha site of the proposed Penang World City in Bayan Mutiara from Penang Development Corporation and Chief Minister of Penang (Incorporation).

They have also approved the joint venture with Dijaya Corporation Bhd to develop the land. Tropicana Ivory Sdn Bhd, 55 per cent owned by Dijaya and 45 per cent by Ivory after execution of the Builder Agreement, will develop Penang World City comprising  mixed-use residential and commercial property projects with an estimated GDV of RM10billion.

The shareholders also passed through other resolutions on rights issue, bonus issue, financial assistance, acquisition of a remaining 51 per cent equity interest in Ivory Villas Sdn Bhd, increase in authorised share capital and amendments to memorandum and articles of association.

Commenting on the controversy raised over the awarding of the Bayan Mutiara site, Low clarified that the site was successfully secured via an open tender on July 25, 2011 and any ‘negotiations’ with the state government were only carried out after the highest tender price was accepted. PGB had won the bid at RM240 per sq ft amounting to RM1.072bil.

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