EVENT 2015

Ivory sets to complete development for Penang Times Square

17 September 2015, St Giles Wembley Hotel, Penang

Penang Times Square (PTS) is set to be one of the biggest malls in northern Malaysia boasting over a million square feet.

With mixed development projects in the pipeline in Phase 3 (The Wave) and Phase 4 (The Central), PTS will also have a cineplex and a hotel among retail shops.

“We plan to develop the land for a mixed development consisting of residential and commercial components,” he said at the Group’s 11th annual general meeting (AGM) held at Ivory Tower in Penang Times Square on Aug 26.

Ivory Properties Group Berhad chief executive officer Datuk Low Eng Hock said the company anticipate PTS to be one of the best mall in Penang upon completion by year 2020 with its ideal size of over a million square feet and the strategic location in the heart of George Town.

He added its strategic location is further complemented with the state government’s Penang Transport Master Plan which will be a booster for property market in the state.

“PTS is strategically located where it is closed to government and private offices, financial institutions, tourist spots as well as the George Town Unesco World Heritage Site.

“We anticipate the LRT as well as the overall integrated transportation system will help economic activities to prosper in many areas in Penang,” he said after the company’s Annual General Meeting held at St Giles Wembley, Penang (Sept 17).

Work is in progress for The Wave, which is 100% sold for non-bumi lots while The Central is expected to be launched at the end of the year.

Phase 1 of PTS, Birch The Plaza and Phase 2, Birch Regency are both mixed developments and were completed in 2009 and 2011 respectively.

Also in the pipeline for upcoming projects are mixed developments planned in Batu Ferringhi and Penang WorldCity in Bayan Mutiara.

Phase 1A of Penang WorldCity, known as the Tropicana Bay Residences saw over 80% of its 1,343 units sold and works has started for the six blocks of condominiums.

Apart from Penang, Low said Ivory is also eying for opportunities in the Klang Valley and is in the midst of entering into an agreement with a potential partner there.

“It is still in negotiation stage and we hope to be able to break the good news by early next year. “It will be a mixed development,” he said.

Chaired by Ivory chairman and independent non-executive director Dr K. Asairinachan @ Aravinachan, the AGM saw a turnout of some 200 shareholders and proxies.

During the meeting, the Group obtained a unanimous approval for its five ordinary resolutions.

An extraordinary general meeting (EGM) was also held after the AGM to obtain shareholders’ approval for renewal of shareholders’ mandate for recurrent related party transaction of revenue or trading nature.

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