Board of Directors
Awards & Recognition
IVORY PROPERTIES GROUP BERHAD(673211 M)
(a company listed on the Main Market of Bursa Malaysia Securities Berhad)
Penang Times Square 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.
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 after the company’s Annual General Meeting held at St Giles Wembley, Penang (Sept 17) that Penang Times Square’s 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.
Employees and loyal purchasers of Ivory Properties Group Berhad galloped into the Year of Horse with a new office and sales gallery in Penang Times Square.
The Group unveiled its new headquarters at Phase Two of Penang Times Square – Ivory Tower – to cater to its fast growing capacity. Its former headquarters building, Birch House, has since been leased out to McDonald as a drive-through outlet for the popular fast food restaurant.
The Peak Residences, the first phase of Mount Erskine Development in Tanjung Tokong, was completed and handed over to purchasers. This long abandoned project saw Ivory Properties coming in as the white knight to help revive it after a 13-year hiatus, bringing back smiles to the face of affected buyers after such a long wait.
Ivory Properties Group Berhad initiated and completed a successful Rights Issue and Bonus Issue exercise. The renounceable Rights Issue which entailed the issuance of 186mil new ordinary shares of RM0.50 each at an issue price of RM0.55 each together with 186mil new free detachable warrants on the basis of 1 Rights Share and 1 Warrant for every 1 existing ordinary share held by the entitled shareholders enabled the Group to raise RM102.3mil. The overwhelming response from the investing public was evidence by the oversubscription rate of 26.4%, a clear reflection of the shareholders’ confidence in the Group, its projects and prospects. The same year, the Group also acquired the remaining 51% equity stake in Ivory Villas Sdn Bhd (IVillas) which enabled Ivory to incorporate IVillas’ income stream and assets into the consolidated financial statement of the Group.
On Nov 11, 2011, Ivory Properties Group Berhad signed a Purchase and Development Agreement with Penang Development Corporation and Chief Minister of Penang (Incorporation) to purchase 102.56 acres of land in Bayan Mutiara, Penang. The project, with an estimated gross development value of RM10 billion, has been aptly named Penang World City, building on the tagline of ‘For Penang, In Penang, By Penang’. The same year, Ivory completed phase two of Penang Times Square – Birch Regency.
On Feb 6, 2010, the Official Grand Opening for Penang Times Square’s phase one took place with a host of exciting events held throughout the month, coinciding with the Chinese New Year celebration. The opening ceremony was officiated by Penang Chief Minister, YAB Tuan Lim Guan Eng. An official prospectus launching ceremony was held on July 12, 2010 at AmBank Group’s headquarters. The balloting of public issue shares was carried out on July 21, 2010. Ivory’s 9.3 million shares allocated for public subscription was oversubscribed by 2.19 times. Its listing on the main market of Bursa Malaysia Securities Berhad took place on July 28, 2010.
In June 2009, Ivory turned a decade old. There was a total of 419 employees. Penang Times Square opened its doors to Birch The Plaza’s residents, retailers and shoppers. A signing ceremony between Ivory and Suiwah Supermarket & Departmental Store was held where Sunshine City became the anchor tenant for Penang Times Square’s phase one. The Peak Residences, the most affordable lifestyle high end condominium at Tanjung Tokong was unveiled to the public. Ivory proudly ventured into the food business by becoming the franchisee of Marrybrown. Two outlets were officially opened this year at Penang Times Square and Plaza Ivory.
In 2008, Ivory ventured out from Malaysia to expand its horizon in Medan as there was a great number of Medan purchasers. Ivory Medan office was established on 17th January 2008. Ivory started off its exclusive project, Moonlight Bay comprising only 70 units of luxurious villas and 20 units of condo villas. It was also the year when Birch The Plaza, phase one of Penang Times Square was completed. In July, the company organized a study trip to Lake Toba, Medan. The number of employees increased to 351 people.
By the year 2007, Ivory grew to 240 numbers of employees. There were several study trips organized where staff visited Korea, Hong Kong and Bangkok. There was also a preview of another Ivory’s grand development at Batu Ferringhi called Island Resort comprising condominiums, resort villas and bungalows.
Completed in December 2006, The View Twin Towers luxury condominium set a new milestone in condominium design with its distinguished architecture. The widely acclaimed project appeared on the front page of Star newspaper not once but twice, and was recognized as the symbolic gateway to millions of visitors to the beloved Penang Island each year. Birch Regency, Penang Times Square’s phase two was launched. Also launched in the year was Moonlight Bay, a luxurious gated and guarded community residential development sited on the scenic hill of Batu Ferringhi.
In February 2005, Ivory’s most ambitious and significant development Penang Times Square commenced its construction. Located in the heart of historic George Town, its carefully assembled components and development concepts would mark Penang’s grand entry into the ‘World of Times Square’. This was also the time when Ivory’s corporate office was established at Birch House, the century old historic building sited within Penang Times Square development. The same year, the group organized a study trip to Shang Hai.
On 9th September 2004, Plaza Ivory was completed. The RM125.7 million Plaza Ivory mixed-use development project also comprised Palace Hill, a prestigious low-density residential development comprising three-storey semi-detached homes and bungalows of classical French architectural designs. An office was set up at Plaza Ivory where the technical department was first to move in. Birch The Plaza, Penang Times Square’s phase one was also launched this year.
In 2003 Ivory completed two of its first projects, Plaza Ivory Commercial and Tanjung Park Condominium. When Tanjung Park Condominium was completed, the value of the property had appreciated by as much as 40% resulting in windfall profits for all investors. The stunning success of the project amidst the Asian financial crisis and against all market predictions marked the unmistakable emergence of Ivory Properties Group in the highly competitive Penang property market. The long serving employees enjoyed the fruits of Ivory’s success as it organized a study trip to Hong Kong for the first time.
This was the year that saw Ivory becoming one of Malaysia’s few developers with a complete in-house technical and construction departments set-up. It was also the year a prestigious member of Ivory’s landmark projects, The View Twin Towers was launched. There was a total of 142 employees.
In 2001, Ivory had 88 employees in total and they were all witnesses to the launch of Ivory’s second project, Plaza Ivory, at Vistana Hotel.
Between mid 1999 and 2000, an additional 32 new employees were hired. The single unit office doubled up and tripled within the next 6 months so as to accommodate the growing number of employees. The three units of office space were renovated turning nearly half of it into a boardroom, marketing gallery and technical department. In year 2000, the employees had their first annual dinner at Oriental Seafood Restaurant at Gurney Drive.
Ivory Properties Group was established on June 30, 1999 and has since made a steady progress in undertaking and completing a multitude of impressive development projects. Ivory Properties Group had a humble start with only five office employees based on the 4th floor of Island Plaza in an office of less than 700 sq ft. Ivory began embarking on its maiden property development project the RM104.4 million Tanjung Park Condominium in mid 1999 and officially launched the project six months later during the Chinese New Year of 2000. Over 80 units were sold on the first day of this 298-unit project that marked the beginning of the remarkable story of Ivory Properties Group.
Ivory Tower @ Penang Times Square
81-11-1, Jalan Dato' Keramat,10150 George Town, Penang, Malaysia.
+604 210 8000
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