Ivory, Dijaya to develop RM10b project in Penang

Tropicana Ivory Sdn Bhd (TISB) is investing RM10bil in a mixed residential and commercial property project on a 102.56 acre site in Bayan Mutiara, Penang.

TISB is a 51:49 joint venture between Ivory Properties Group Bhd and Dijaya Corp Bhd.

Ivory Properties chairman and chief executive Datuk Low Eng Hock said the development covered 102.56 acres, of which 67.56 acres comprised existing land and 35 acres were to be reclaimed.

“The plan for Penang World City is to develop a mix of residential units, shopping mall, office suites, office tower, hotel, retail spaces and open mall with boulevard.

“The development will be completed in eight years and work on the first phase is scheduled to begin next year,” he said.

The land is strategically located within Bayan Mutiara, a new development hub in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong.

Low said this at the signing of the purchase and development agreement between Chief Minister of Penang (Inc), Penang Development Corp and Ivory Properties. Penang Chief Minister Lim Guan Eng witnessed the ceremony.

Ivory Properties is proposing a renounceable rights issue of 186,000,000 new ordinary shares of 50 sen each together with 186,000,000 new free detachable warrants to pay for the land and the development of the project.

Ivory Properties has to pay 10% as downpayment of the RM1.07bil sale price for the land. It has paid 2%, with the remaining 8% to be paid within 90 days after the signing of the purchase and development agreement.

On the development concept, Ivory Properties operation director Murly Manokharan said the emphasis of the project would be on green buildings, green township and a healthy lifestyle within its community.

“We have proposed for pedestrian network and bicycle tracks connecting to almost each and every building to reduce carbon emission within the township,” he said.

Murly added that there was a proposal for a museum, a landscaped outdoor amphitheatre and educational interactive facilities, providing state-of-the-art entertainment for all, he said. - By David Tan (The Star)

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