Ivory to unveil RM2bil worth of projects in Penang

Ivory Properties Group Bhd is carrying out more than RM2bil worth of residential and commercial projects this year despite a tough economic environment.

The projects are the first phase of Penang WorldCity (PWC) called Tropicana Bay Residences with a gross development value (GDV) of RM933.4mil, The Central (GDV of RM670.9mil) and The Wave (GDV of RM611mil).

Group chief executive officer Datuk Low Eng Hock said in an interview after an AGM that the projects were in integrated developments, which were close to public transportation services and facilities.

“The commercial properties in an integrated scheme can always be leased out by the developer to generate long-term recurring income. The commercial and residential properties are attractive also because of the surrounding amenities,” he said.

On the impact of the Penang Transport Master Plan (PTMP) on the projects, Low added that the transportation hubs in PTMP would be located close to the projects.

“The projects are located in the prime locations of George Town, and close to the airport, the Penang Bridge and the Second Penang Bridge,” he added.

For the fiscal year 2016 first quarter ended June 30, the group posted RM7.95mil in net profit on the back of RM47.4mil turnover, compared with RM10mil and RM56.7mil achieved in the previous corresponding period. - By The Star

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