EVENT 2016

Ivory Properties expands out of Penang

26 August 2016, Ivory Tower Penang Times Square, Penang

Ivory Properties Group Berhad is making its mark out of Penang through a joint-venture (JV) project in Kuala Lumpur, with several other ongoing negotiations in hand.

Group chief executive officer Dato’ Low Eng Hock said the group had penned an agreement with LLK Properties Sdn Bhd in June this year to develop a project in Petaling, Kuala Lumpur, with estimated GDV of RM220mil.

“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.

He said it has been Ivory Properties’ business modus operandi to go into a JV deal to minimise capital outlay while developing viable projects.

He added that it has been a busy and fruitful year for the company as works are in full swing to complete two projects ahead of schedule – The City Residence in Tanjung Tokong and Tropicana Bay Residences at Penang WorldCity (PWC) in Bayan Mutiara.

He also stated that works for The Wave - Phase 3 of Penang Times Square – are going smoothly while construction for Phase 4, which is The Central comprising a hotel, suites and mall, is expected to kick off the next year.

On the Group’s upcoming projects, Low said the group’s next focus is on a piece of 6-acre land in the tourist belt of Batu Ferringhi which he said will kick off in mid-2017.

Low also expressed delight on the reduction of the Overnight Policy Rate (OPR) to 3% as it will boost the overall property market with banks expected to lower the base rate and lending rate. “This will help ease the buyers’ financial burden, especially for first-time home buyers. We hope this move by Bank Negara will help to boost the market’s confidence. Hopefully, we will see a better property response and for the market sentiment to improve in the near future,” he said.

Chaired by Ivory Properties 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 unanimous approval for its six ordinary resolutions.

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