Ivory Properties Group Bhd (IPGB) is targeting to start its RM450mil phase four Penang Times Square project in the first quarter of 2016.
Group chief operating officer Goh Chin Heng (pic) said that the approval for the plans should be obtained by the end of this year.
“We will commence work for both phase four which comprises a retail mall, hotels, and commercial suites, and phase five, comprising another hotel,” Goh said.
Both the phases are expected to be completed in four years, according to Goh.
“They are expected to generate 40% to 45% of the gross profits over the next five years,” he said after an EGM.
Goh said the group was now in negotiation with a couple of potential buyers for the retail malls in phase three and four.
“The malls would be sold as a single entity to the buyer.
“We are also looking for investors to buy over the business class hotel planned for phase four,” he said.
Both the fourth and fifth phases would be developed over three to four acres of land.
Goh said the group was looking to enter into joint-venture agreements to launch development projects in Petaling Jaya and Cheras.
IPGB still has about 20 acres of undeveloped land bank on the island, according to Goh.
On the joint-venture Penang World City project, Goh said the joint-venture company, Tropicana Ivory Sdn Bhd (TISB) would start reclaiming 35 acres of land in the first quarter of 2016.
“We have received most of the important approvals to go ahead with the reclamation,” he added.
Under TISB, there are still 70 acres of undeveloped land bank, inclusive of the 35 acres of yet to be reclaimed site, in Bayan Mutiara, according to Goh.
IPGB holds a 45% in TISB, while Tropicana Corp holds the remaining 55%. - By David Tan (The Star)