EVENT 2011

Ivory signs PDA with CMI and PDC

11 Nov 2011, Bayan Baru, Penang

GEORGE TOWN: While many lovebirds tied their knots on 11.11.11, Ivory Properties Group Berhad made its lifetime commitment with Penang Development Corporation (PDC) and Chief Minister of Penang (Incorporation) (CMI).

Ivory, one of the most prominent developers, signed a Purchase and Development Agreement with PDC and CMI to purchase a 41.5ha land in Bayan Mutiara.

Ivory chairman and group chief executive officer Datuk Low Eng Hock penned the deal with PDC general manager Datuk Rosli Jaafar and Penang State Economic Planning Unit (UPEN) deputy director (macro) Hafidzah Hassan (representing CMI) while Ivory deputy chairman and executive director Datuk Seri Nazir Ariff and PDC deputy general manager Datuk Abdul Rahim Isahak were the witnesses.

Also present to witness the signing ceremony was Penang Chief Minister Lim Guan Eng.

An estimated RM10bil GDV project in Bayan Mutiara is set to place Penang onto the world stage in its quest to become an international city.

The Group had earlier won the bid for the land which is strategically located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway (formerly known as Bayan Lepas Expressway) and in the vicinity of Sungai Nibong.

It is located approximately 11km due South-West of the Penang Ferry Terminal, about 9.5km due South-West of Kompleks Tun Abdul Razak (KOMTAR) and about 7km due North-East of the Penang International Airport in Bayan Lepas.

It can be easily accessed from Penang Bridge, the upcoming Second Penang Bridge, and from Penang International Airport as well.

The project, which is expected to commence in the 3rd quarter of 2012, will take a span of eight years for completion.

Development components will include luxury condominiums, medium rise condominiums, business suites, serviced residences, iconic office block, waterfront entertainment city, commercial and retail spaces, waterfront villas, medical facilities and so on.

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