Ivory to launch 3 phases of Penang Times Square

Property developer Ivory Properties Group Bhd (IPGB) is set to kick off phases three, four and five of its Penang Times Square development, measuring 1.5 million sq ft in gross floor area, by year-end.

Its group chief executive officer Datuk Low Eng Hock said the three phases would comprise exclusive small-office-home-office (SoHo) units, a luxury shopping mall, a five-star ho-tel with 300 en suite rooms, exclusive suites and a stand-alone cineplex.

The mall, said Low, would be solely owned by IPGB, with international retailers filling up about 500,000 sq ft of the mall area.

To accommodate high traffic flow in the peak season, a double-storey basement car park will also be made available, he noted.

"With these developments in plan, the once quiet George Town will be injected with a new lease of life, especially during the night, with many activities happening in Penang Times Square.

"Phases three and four, which will stand at 151m and 153m respectively, are set to become yet another iconic landmark for Penang, and we are confident this will help to enliven the surrounding area for a more vibrant city," he said in a statement after the group's annual general meeting (AGM) last week.

On the group's performance, Low said the next three years of IPGB's performance would be even better following commencement of construction works for its Penang World City projects by year-end.

"Registration for the first phase of the development has reached 90 per cent and we are scheduling the official launching by the end of the third quarter of this year.

The group has also been appointed as the turnkey builder for Penang World City and "this will further strengthen its construction arm's financial contribution to the balance sheet", he said. - By Melissa Darlyne Chow (Business Times)