10 Island Resort

10 Island Resort is located at the famed Miami Beach in Batu Ferringhi. The project comprises 266 condominium units and 11 semi-detached villas. The condominiums built-up area ranging from 1,100 to 3,200. Each standard unit comes with 3-bedrooms & 2-bathrooms.

Property Project : 10 Island Resort
Location : Batu Ferringhi, Penang
Property Type : Condominium
Built-up Area : 1,100 - 3,200 sq.ft.
Total Units : 266 (condominiums), 11 (semi-detached villas)
Developer : Ivory Properties Group

412 comments«Oldest ‹Older 1 – 200 of 412 Newer› Newest»

February 10, 2008 at 10:53 PMAnonymous: Is this a good project for investment? What I like is the full sea view. Any advice?
February 14, 2008 at 1:44 PMAnonymous: I had booked a unit in Island Resort 10... However I am regreting now, because Island resort is not as exclusive as what I have hoped for, Ivory has come out with another Island Resort 1, another twin 35 storeys project.

I am concerned if Batu Ferringhi road will be overly congested when all projects (many of them not just Island resorts) have been completed.

Moreover one can get a 2200sq feet at $400K at Miami Green. Isn't Island resort too pricy?
May 4, 2008 at 1:11 AMAnonymous: I'm sure it'll be a great investment. Comparing the price of the unit I bought late last yr, and the price Ivory was advertising for an unsold unit during their Gurney Plaza CNY show in Feb, the price had gone up by 10-15%.

I believe, for this kind of price range, it's gonna be hard to find a condo project like this that's so close to the sea in the future. Sleek modern design, great facilities, stunning view ... perfect.
May 8, 2008 at 12:05 PMAnonymous: Hi all,
My personal point is that Island Resort is a nice unit with 100% seaview, freehold and good facilities!

Actually its good investment as the price increased 15% and i believed that after OC obtaine, the price sure will hike up dramatically. If we wanna buy, i think we should act so before late.

I've check with Ivory recently and they has start their construction work and now just left 9units left!
May 8, 2008 at 7:48 PMAnonymous: Just check out the Alila Horizons condo blog in this website and you'll be surprise. People are willing to pay ~440K for Alila !. That's >100K more than the original purchase price. It's amazing because Alila does not have any view at all. It is far from the sea and is difficult to get to. With its seaview advantage, Island Resort will definitely do a lot better. It's so close to the sea, it's like a beach front property. This is what sets it apart from the rest if you compare properties that are in the 400-500K price range.
May 12, 2008 at 11:06 PMAnonymous: why island resort? it is located in batu ferringhi,and the road leading to batu ferringhi is a pity single lane road. so accessibility will be 2 out of 10.

And about convenience, the nearest mall at island plaza will be a 20min ride. And there are not many shops in island plaza. Doing marketing is definitely a terrible chores.

And about rental market, there are many projects coming up in batu ferringhi, tanjung bunga. And just island resort alone, there are 400units, do not think this investment can fetch good returns.

And about batu ferringhi itself, the beach was not as fantastic and clean, if u need seaview look for project at tanjung bunga, moreover the project is nearer to the beach (unlike island resort which was on the other side of the road).

Why pay rm350000 for a 1100 sqm unit, a location where i foresee little development in many years to come.

Look for projects in bayan baru, one can at least anticipate for the mini putrajaya, second penang bridge, monorail...

Still wondering why island resort is priced higher than similar ivory project in the peak @mount erskine for similar 1100sqm unit
May 13, 2008 at 9:28 PMAnonymous: Is there any new condo in Tg Bungah that is so close to the beach for this kind of price ???. Please let me know.

Anyway, I don't think a typical Penangite would fancy staying in this kind of place as it's faraway from everywhere. But, there's a segment of people particularly foreigners who would be attracted to its picturesque view & peaceful environment. Look at Miami Green, bought a unit there for only 210K about 5 years ago. Now, units there are now going for >330K due to demand particularly from foreigners. Island Resort would make a good investment.
May 13, 2008 at 9:36 PMAnonymous: U can't compare this project with the Peak. Island Resort is designed for the higher end market, it is much more exclusive.
May 15, 2008 at 1:37 AMAnonymous: One can probably get a fully furnished apartment of 1100sqm at Miami Green at ~RM300000. And Miami Green is much more strategic located.

With new projects like Ferringhi heights, Island1 and MoonLightBay, I wondering if there is plan to make Batu Ferringhi more accessible.

Talking about a project with 400 units, how exclusive Island Resort can be?

And regarding the price, all house buyers was given a 5% discount. it was nothing to scream about. At the first place, isn't the asking price of RM350000 for a 1100 sqm apartment abit too steep?

And during last CNY sales, buyers were given 7% discount.

And during last PENANG PROPERTY EXHIBITION, ISLAND1 buyers were thrown in a free CLUBHOUSE MEMBERSHIP as well.

If knowing that IVORY will come out with ISLAND1 in less than a year after launch of ISLAND10, I will not have bought a unit in ISLAND10.

I would rather top up another rm100k, to buy a unit at the Breeza... or other projects at Tanjong Bunga. At least the investment is secured.
May 15, 2008 at 10:53 PMAnonymous: Isn't Breeza leasehold, built on reclaimed land, a tsunami hit area, ... very secured, huh?.
May 17, 2008 at 11:21 AMAnonymous: I believe there are only 266 units, not 400.
May 17, 2008 at 8:15 PMAnonymous: Island10 itself is 266, but if you were to add up Island1, the total will be 400. And all 400 household share a common entrance..., and of course the batu ferringhi road as well.
May 18, 2008 at 11:31 PMAnonymous: have been staying close to that batu ferringhi area for over 10 years. dun think there will be much problem with traffic congestion there as most of the units would end up as vacation homes. try checkig out miami green on weekdays, it's empty, very few people, very few cars.
May 20, 2008 at 1:08 PMAnonymous: Island Resort is located at Miami Beach and the its not far away from heart of G'town.

The price is reasonable as it's 100% seaview with nice facilities.

I don think so the traffic would be so congested as its was not located at top of Batu Feringghi. It would create good opportunity either for investment or vacation!
May 21, 2008 at 10:19 PMAnonymous: Just wondering why there isn't any plans for low cost unit in this island resort project?
May 22, 2008 at 6:43 PMAnonymous: Did anyone know when is the commencement of work approval approve.
May 22, 2008 at 6:45 PMAnonymous: Did anyone know when is the comencement of work approval approve.....and how is this project goin on...
May 22, 2008 at 6:47 PMAnonymous: How is this project going ........
May 22, 2008 at 10:18 PMAnonymous: y earlier call to the marketing executive was that they shall get the s&p stamped in September08 and the next 10% payment scheduled to be Dec08 to Feb09.

My frustration was none of my emails to the marketing executive or to the named lawyer were replied! They simply ignored the emails, even though I had make a bookings and had paid a 10% upfront in early January 08.

Is it ethical for the developer to collect the monies though the S&P still not stamped yet?

What worst the assigned lawyer still yet to acknowledged my payment, or rather did not have the courtesy to acknowledge the receipt of my mails and payments! I am seriously in doubt if the lawyer can assist us in making claims if ever there is any delays!

My friends have advised me not to take up the developer assigned lawyer, use your own lawyer since you are making a 400kRM purchase, any advice here?

I feel cheated somehow. I could have earned some interest monies from my 10%upfront payment in make in January08. Or rather is it a common practice here in Malaysia?
May 27, 2008 at 9:51 AMAnonymous: Dear goondu
Developers are not entitled to collect 10% before signing of the S&P. But in your case, it was signed but not stamped? This is the developer's way of bypassing the law. You could make a complaint to the Ministry Of Housing on this and other issues regarding this project. Yes you should have used your own lawyer and not the developer's panel lawyer.
May 27, 2008 at 10:50 AMAnonymous: Hi Fiddler,

As a foreign buyer, I had factored in an established developer as an important criteria. Never would I know that even an established developer may bypass the rule.

Yes, I only signed the S&P, and it won't stamped sooner.

Is it too late to change my lawyer? And I had already signed the S&P.
May 27, 2008 at 12:45 PMAnonymous: Hi goondu, if you change lawyer, you have to pay the previous lawyer for whatever work that they had done before. I dont see the point of you changing lawyer because you have signed the S&P and paid the deposit. Much of the work has been done.
Have you telephoned the law firm and demand to speak to the lawyer? Dont deal with secretaries since you need a lawyer to look into your problem now.
Why would the S&P be stamped only in Sept? The 3 years construction time will only start from september then. The developer is obviously buying extra time.
May 27, 2008 at 9:49 PMAnonymous: Hi to everyone here!
I jz make a booking for the Surin this afternoon.. Its above my budget, but i cant find a place 2 purchase that is not overly priced.. or if not the property is old. Hope i m making a wise choice here, cz the unit purchased not a seaview one, s all r sold onli left 2 at the lowest floor.
B4 choosing surin, i did considered IR, but I was told by the bolton sales personnel that the project was halt & cancelled due to government intervention in cutting down the hill of tat project site which included Moonlight Bay? though it might b good news to surin buyers, tis news sure is bad for IR & a bit of concern tat it will happen 2 surin 2. any1 2 comment about tis news or izit jz salesman's talk? thx
-m7-
May 27, 2008 at 10:17 PMAnonymous: Something 2 read about the recent landslide at moonlight bay & IR:
http://betelnutchronicles.blogspot.com/search/label/ivory
May 28, 2008 at 2:40 PMAnonymous: I bought 1 unit each at Surin & IR almost the same time, late last year.

Even though the 10% payment for IR (paid in Jan) was made earlier compared to Surin (paid in Mar), the S&P for IR has not been stamped yet, whereas the stamping for Surin was completed ~ a month ago.

Eveything seems to be going well for Surin. On the other hand, I have been hearing bad rumors about Ivory & the approval for this IR project. I called one of the Ivory sales person yesterday, he assured me everything is fine & that the S&P will be stamped by June/July ... fingers crossed.
May 28, 2008 at 4:48 PMAnonymous: I had booked a unit in IR and paid 10% as well. My recent call to Ivory marketing executive was the S&P will be stamped in September08.

What will happen to my 10% if this project was cancelled? I still receive no updates from IR lawyer.
May 28, 2008 at 8:00 PMAnonymous: Ivory has to refund the downpayment to all the buyers. Imagine what a humongous task that would be. May be praying very hard would help to get your money back.

I heard that this is not the first time Ivory delayed in stamping S&P. They steal time from buyers that way. Has anyone questioned the integrity of their lawyers?
May 28, 2008 at 9:07 PMAnonymous: I seriously hope I can get my monies back, 10% downpayment + rm3000 for non-malaysian purchase.

I am seriously looking for a unit in the light waterfront. Hope that will be a good move.
May 28, 2008 at 9:26 PMAnonymous: I think ivory is tight in their cash flow.. i heard from my fren in ivory, sales of times sq 2nd block is very slow.. whereas, ivory stated they gv times sq the highest priority.. in terms of their financing too. are they over stretched? n this delay doesnt seem 2 help at all..
May 28, 2008 at 10:54 PMAnonymous: Surely, the S&P must be stamped within a certain time after we signed. Is there a dateline for this?.
May 29, 2008 at 8:57 AMAnonymous: On this, how can the lawyer helps? So s&p stamping delay is a good reason from not continue the purchase and get all monies refunded?
May 29, 2008 at 11:58 AMAnonymous: Guys, you have to consult an independant lawyer already. e.g. could you terminate your purchase at this point.
May 29, 2008 at 1:45 PMAnonymous: There is a new amendment to the Housing Developement Act which allows the buyer to apply to the Ministry Of Housing to terminate the S&P, if 6 months after the S&P no work has commenced, and if 75% of the buyers agree.
If the developer has cleared some land, does it mean that work has commenced? How to contact the other buyers to discuss the issue of termination?
Something for you guys to consider.
May 29, 2008 at 1:50 PMAnonymous: Also, how do you count "6 months afterthe S&P" ? There is no date on the S&P yet.
It is time for all you buyers to unite and resolve this.
May 29, 2008 at 8:03 PMAnonymous: guys.. i jz consulted 1 of my fren in property industry.. was told tat ivory has got very good ties with previous government, and they even dare to start a project without the necessary approvals. my fren mentioned AP & DL not approved for that project.. anyway, what the hell are those?
May 29, 2008 at 8:48 PMAnonymous: AP refers to Advertising Permit and DL refers to Developer's License.

I had called the legal clerk and was told that the Standard Supplemental Agreement (Standard SA) that I had signed had given the developer the rights to collect 10% upfront prior stamping of S&P.

A second look into the SSA that I had signed,it specifies the following:

ii Simultaneously with the execution of the standard SPA and the Standard SA the offeror shall pay10% of the purchase price less the registration fee directly to...

iii Any acceptance made by the Company shall be in writing and the Offeror agrees that the Company shall only be required to make its acceptance after the issuance of Advertising Permit and Developer's License by the relevant authorities.

iv During the duration of this option, no request for refund of any part of the Registration Fee and Balance Payable, if any, shall be entertained under any circumstances.

v The company may exercise the Option at any time within one (1) year from the date of this Letter of Offer.

...

So there is little I can do now.

Hope this option will lapse.

BTW, heard this project was previewed in July 2007. If the company does not want to have this option lapse, they probably have to get the S&P stamped by Jul2007.

Hope those intend to purchase 1 IR, do not fall into similar pit as what I had fallen into. Hope no other developer is doing the same dirty trick!

Indeed dissapointed with so called 'established' developer in northern region!

The government should step in as it bring damages to its MALAYSIA MY SECOND HOME PROGRAM.
May 29, 2008 at 8:51 PMAnonymous: BTW, can anyone advice if the light waterfront project a worthwhile investment/purchase?
May 29, 2008 at 9:01 PMAnonymous: I have a bad feeling in IR. Why would they wan to delay the stamping of S&P if not to buy some time for themselves. And why would they wan to do that? Something wrong with the project? I also heard that IR and Moonlight was halted by the Government coz they are not doing the proper job of clearing land and its without approval. Landslide occured recently near Moonlight.
According to the law which protects house buyer, keys must be handed over within 3 years of signing S&P.So without stamping the S&P, it's not legalised.Just a piece of paper. Do you all think that is why Ivory delayed the stamping? Sept is very long still you know
May 29, 2008 at 9:05 PMAnonymous: Wow, Ivory is so dirty. They put those clauses in the S&P and hope that nobody will bother to read in detail. What a shame..
May 29, 2008 at 9:08 PMAnonymous: I believe that Ivory is facing tight cashflow also since they have Times Square running. It's well known to all that Times Square 2nd phase is not selling good. I heard that Ivory prioritise this project since it's a huge project. All cash will flow to this project 1st. So does this jeorpardise IR?
May 29, 2008 at 9:11 PMAnonymous: Recently, I visited a friend's house in University Place, also developed by Ivory. To my horrible surprise, the floor tiles of 1 corner of the house are all bloted up. My friend told me this scenario happened not long after he shifted in. Said this occur due to Ivory used very little cement. As times goes, air trapped in between forced the tiles to move upwards. SOme of his neighbours are experiencing the same problem.
I guess this shows how good Ivory's workmanship is. Will this happen to Times and IR? Scary..
May 29, 2008 at 9:14 PMAnonymous: Hi goondu, I don know about waterfront, but I would suggest you take a look at Surin I you are on the hunt for a place to settle down/invest. Not a bad place if you can wait for 2 1/2 years.
May 29, 2008 at 9:55 PMAnonymous: According to Ivory's website, they have a road show at Gurney Plaza from 30 May to 1 June. Will drop by to seek clarification about the situation at IR.
May 30, 2008 at 9:03 AMAnonymous: OMG, there is another clause in Standard SA that says:

vi. In the event the Company fails to exercise the Option within the said Period or the Extended Period, as the case may be, the said 10% of the Purchase Price shall be refunded to the Offeror free of interest...

xv. The offeror agrees to pay to the Solicitor the disbursement (if any).

Even if option lapsed, I may still unable to collect all the monies that I had paid into this project! (Even though I may be unwillingly )

If that's really the case, someone has to step in to stop any future such happenings, whether by this or other developers!

At any circumstances, by signing onto the Standard SA, the offeror is always at the losing end.

I would advise any purchaser intending to buy properties from this developer to think thrice!!!

So now I understand why they are so eager to preview the 1 ISLAND RESORT! They are probably applying the same trick to all their upcoming projects!

OMG!
May 30, 2008 at 9:25 AMAnonymous: Goondu, we are tricked by dirty developers. So sad to know that such a well known developer would stoop to so low. Cis!
May 30, 2008 at 4:09 PMAnonymous: Hope someone from Ivory can provide an official update on the status of this IR here.

It won't be fair to both buyers and developer based on assumptions and speculations.

However if there is no official update from Ivory, I would have to believe in those speculations.

BTW if Ivory had failed to obtain the Advertising Permit for IR, why I still seeing IR advertisment on TheStar and at the Penang Airport?
May 30, 2008 at 11:37 PMAnonymous: goondu,
our m'sia Prime minister recently officially launch a mega project in Penang that didn't even reach the approval status yet.. every1 in penang was misled to believe the project was legitimate until new penang government exposed d truth. so no surprise, if ivory wit great ties wit previous rulers don bother to obtain AP.
May 30, 2008 at 11:43 PMAnonymous: I did considered Uni Place before during my house hunting.. its true.. the workmanship of the tiles are horrible. u can c units wit tiles peeling off. not jz tat, d flooring is really very uneven with waves. i cant believe developer wit such reputation can tolerate such shoddy workmanship.
May 31, 2008 at 10:33 AMAnonymous: Ivory's reputation came from their own publicity stunts and their large previous projects. But if you know the property market well, you will know that they are not very reputable. (Hope the blog owner doesn't get sued if he publishes this post.Don't want to get anybody to face the same fate as Raja Petra.)
May 31, 2008 at 11:31 AMAnonymous: Spoke to one of Ivory's sales personnel yesterday. According to him S&P stamping will be completed by July, work will start in Sep. But, hope an official update will come from Ivory soon.
May 31, 2008 at 4:57 PMAnonymous: It seems like we are getting conflicting status update. My recent call to the marketing executive and was told that S&P shall be signed in September 08.

And now another Ivory staff mentioned July 08.

Anyone bother to ask the developer what rights they had in pre-collecting the 10% payment? And remember that if the option was lapsed, the buyer has to bear the Solicitor fee in disbursement?

Someone has to step in to void this Standard SA, buyer should be binded by the S&P only and not Standard SA.
June 1, 2008 at 10:48 PMAnonymous: i was inquiring about another project "the Peak".. ivory oso stated tat v hv to place 10% to book for our unit, which will b placed wit a stakeholder (their lawyer).. bear tis in mind, ivory hv d rite 2 hold on ur 10% fee 4 a yr. if project doesnt kickoff, v can claim back tat 10% wit no interest n minus any admin or watever fees they call it. i think it is absurd 2 jz let them earn interest from our 10% wit no promise d project is goin 2 start.. n v no longer back our full 10%. does any other developer implement such dirty tactic? i think ivory is desperate 4 buyer's monies to roll other projects s i dont really believe our 10% really stays wit their stakeholder
June 1, 2008 at 10:58 PMAnonymous: yeah, ivory is tight in liquidity
June 1, 2008 at 11:02 PMAnonymous: Goondu, This standard supplementary agreement is so ridiculous. It is supplementary to what? To the S&P? How then could a supplementary agreement pre-date the main agreement (the S&P)? They use this agreement to collect the 10% first, because it is illegal to collect any amount of deposit before AP & DL & the signing of the S&P. Equally ridiculous is, you have offered to buy by tendering your 10%, yet they will only accept it after they have obtained the AP & DL, yet in the mean time you cannot cancel your offer to purchase.

Ask your lawyer whether this SSA is null and void from day 1. You are the someone who can initiate a legal action to seek the court's declaration.

I wonder whether the Housing Tribunal can handle this complaint? (Bear in mind that there is no S&P therefore they may not have the power to hear this case.)

It seems to me that you are the only one who wants to void this thing. The others in the blog seem to be quite complacent.
June 2, 2008 at 3:29 AMAnonymous: Just wanna ask is Ivory the only one using SSA? Cos my understanding is that many developers uses similiar tactics but just called it other names.

"What's in a name,..." Shakespeare anyone? :)
June 2, 2008 at 11:00 PMAnonymous: from wat i know, only ivory used ssa, though i might b wrong. others they jz demand booking fees.
June 20, 2008 at 4:31 PMAnonymous: Dunno wat actually happen bout this project bcoz if u call diffent sales agent, they answer differently. They are not professional on this and not even sure what is the exact info. How should they behave like this?!? I guess they are playing mouse and rat with buyer, and keep delaying buyer. Now, the cements and construction raw material is increasing, dunno wat will happen again.... bout their financial strength, only AmBank is their panel bank now..some more not yet get the AP approval.
July 5, 2008 at 5:09 AMAnonymous: i advise who want buy the ivory projet thinking twice !! sine we know that a few projet was faceing the floor of the house are all bloted up.tanjung park also like that since i go there 1 month ago !! "here pecah there pecah" is this ivory job ?? i was so happy since i not buy "time squre" with 400K++ ! i choose "bayswater" !
July 6, 2008 at 2:16 PMAnonymous: Any takers of 10% downpayment for 20 floor IR. 58000RM will do.
July 6, 2008 at 2:46 PMAnonymous: wise choice..
July 7, 2008 at 1:28 PMAnonymous: they will probably cancel this project, and u should be able to get back ur monies in full...
July 7, 2008 at 10:48 PMAnonymous: luckily i dont prefer ivory.. if not i might have booked a unit previously.
July 8, 2008 at 1:39 PMAnonymous: Re anonymous "62" July 6 10.28 pm Quote: they will probably cancel this project, and u should be able to get back ur monies in full...end quote.
On what is this assumption based? Do you know more than the buyers? Please share, if not please stop spreading false rumours, you should know how sensitive this is in Malaysia... you might have to go into hiding!
August 18, 2008 at 11:08 AMAnonymous: so we are now into August... is the SnP stamped???

Paying rm30000, and yet received no updates from the developer, utterly dissapointed.
October 2, 2008 at 10:03 PMgoondu: what's the progress of this project? Is it still in progress? How's reputable Ivory is?
October 20, 2008 at 12:42 PMEssey: may i know how much min pice
October 24, 2008 at 11:43 AMM: I understand that the minimum price is now RM 499,000 and that deposits have been paid on all the smaller units except for some on the lowest floor.

I have been told that the developer's price for my intermediate unit (1,100 sq ft) on the 16th floor is currently RM 538,000 but I would be prepared to consider any reasonable offers.

Ivory have advised that the S & P will be stamped before year end and that construction will start soon. Land clearance appears to be well underway.

Rgds,
M
November 16, 2008 at 1:19 PMgoondu: It has been a year, it's time for me to get out from this project. Anyone has quited from this project?
December 24, 2008 at 3:31 PMAnonymous: I've quited from this project few months ago and luckily i get my money back. But, they charge u administration fees at least few thousand! Before u buy, they promised us that the 10% deposit will be refund in full but on the other hand when the incident happen, they say got this and that charges! So ridiculous and bad developer i ever met! So, i wont consider other project from this developer again. So u guys, b careful!
December 24, 2008 at 3:33 PMAnonymous: I heard ppl are saying that they have financial problem and taking our 10% deposit for rolling on another project. Anyone heard on this also??
December 30, 2008 at 12:17 PMAnonymous: Went to the site last weekend. They are clearing the land. They have carved out a winding road on the hill slope leading to the site. The developer should at least let buyers know the progress of this development instead of just keeping quiet. It has been more than a year now, no news from them. Maybe, they are hoping some buyers will start to worry and eventually pull out. The developer can then sell the units at higher prices to other people. Don't think the developer are worry about market demand for the units since the response for this project has been very good.
December 31, 2008 at 9:33 PMgoondu: Finally it was already more than a year that I had booked the unit, and now I can exercised the option whether to cancel the project.

I am very disappointed with this developer, the self-proclaimed reputed and established developer in north Malaysia.

NO NEWS, NO SINGLE NEWS FROM THE DEVELOPER OR THE LAWYER ON THE PROGRESS OF THIS PROJECT, I AM UTTERLY DISAPPOINTED.

I sincerely wish someone for Ivory will make effort to call the buyers and update them on the progress of this project.
December 31, 2008 at 9:59 PMgoondu: I hope ivory can update us the progress of this project.

I am very disappointed on how ivory has handled this project.
January 1, 2009 at 12:10 PMAnonymous: I've been told Ivory's big project, Times Sq, has not been selling well. They have also put a lot of money in Moonlight Bay. So, financially their are tight. Island Resort's development is obviously affected. However, they have cleared quite a bit of land at the site. There's even a small site office there. So, there seems to be progress but at a very slow pace. Go to the site & check it out.
January 2, 2009 at 2:32 PMAnonymous: Ivory was at Gurney Plaza this morning. According to the sales personnel I spoke to, the S&P will be stamped by this month (fingers cossed), they have obtained all the necessary approvals to move ahead. Apparently, there were some buyers who had pulled out from this project. I noticed on their booking sheet, there's now a unit (1,250 sq ft) for sale at the 13th flr for a whopping RM595K (before 8% discount). Price certainly went up !. Great for those who had bought much earlier ...
January 3, 2009 at 8:46 PMgoondu: In the first place, when no sales and advertising permit were granted, are they allowed to collect monies?

When I make my purchase a year ago, they make the same promise that S&P will be signed by Jan 08, if they did not make such promises, i will not have make any purchases then.

How ignorant am I, if they did not make such promises, who will be willing to part 30K in the first place?

For those intend to make purchase, please think twice.

Don't be excited over the increased value, yes my unit may now 100k RM more, the problem is can you get buyer to buy your property at 500k for a 1100 sqm apartment in batu ferringhi?

Ivory may be smart, by increasing the selling price, some buyers like me (having stuck for a year) may think twice whether to cancel the purchase.

500k for a 1100 sqm apartment in batu ferringhi, any idiot out there? I will be willing to sell mine to you at 450k (and negotiable).
January 4, 2009 at 8:31 PMAnonymous: I can't believe it. What kind of law is this where...

1) the developer is allowed to collect and hold 10% for a year

2) the purchaser has to pay admin charges to cancel the purchase when it was the developer who failed to stamp the S&P within a year

So this all looks to me they have made a few hundred thousands on bank interest and couple more thousands on admin charges for cancellations. This can't be right??
January 6, 2009 at 1:08 PMAnonymous: I think Island Resort buyer now got hooked by the developer. As promised by them earlier on, if the S&P is not signed 1year from the date of the offer letter, buyer able to get the 10% deposit back 100%. But now, the developer turn back their words against us!

And Times Square pula.. they r not sell out yet! But they spread the rumors that its highly demand to create the market demand. This is an old trick and i hope u ppl to get stuck!
January 6, 2009 at 2:18 PMAnonymous: I also heard from my fren who work at realestate line that some bankers nowadays are not their panel bank already bcoz of their financial strength/stability. Most bank dun lease $$ for them. So, they need those money first for rolling on their project. I think we better think carefully on this developer project.

Although their office looks nice, but internally mayb suffer from financial crisis. As conclusion, we better cautious on this!
January 6, 2009 at 3:56 PMAnonymous: when i at their office, they showed me that the property is 95% booked. Somemore the price increased dramatically up to RM500K and above.
Dun scare me on this, my money is still in there.. or i have to discuss with my family/lawyer on how to get my money back from Ivory.
January 7, 2009 at 9:55 AMAnonymous: Guys, I received news from banker this morning that developer not yet get the license approval. Its all a cheating! Furthermore, developer are asking for 2nd payment, its ridiculous. We are paying money for the empty space. We should get lawyer on this. They should not have the right to get money from us for the unapproved project!
February 15, 2009 at 11:03 AMDominic: dear all,

to all purchasers who are not happy with island resort, dun take this incident lightly.

collectively or individually go to the CAP. no use fretting and feeling bad about it. do something and make sure this does not happen again, let all unscruplous developers receive the proper treatment from the authorities. let penang island projects grow fruitfully or we will end up getting the reputation like those in johore.

speak to yr laywer frens, find out when the developer actually receive their AP (advertisement permit)and DL (developer's licence)

under the HDA (housing developer's act) the developer can only start to collect monies eg booking fees after they hv obtained the AP & DL.

the common practice is the developer will appoint a legal firm and get the purchaser to pay the booking fees to the legal firm under the stake holder account.

the issue we are facing here is the developer actually collects the 10% and hv not signed the SPA yet. under the HDA regulations the SPA has to be stamped within 1month or 21 working days, if not the penalty will be borned by the purchaser (5x the stamping fees). very likely the developer will back date the SPA date to avoid penalty. we are looking at 13months or more here, so its going to be a very situation.

there is also this LAD (liquidate agreed damages) where the developer has to compensate the purchasers a % for late delivery. the regulations state that when the 1st SPA is stamped the developer has to complete the project in 36months, anything later, an agreed sum has to be paid to the purchasers as penalty (10% annually normally. i wonder how they are going to complete the construction in less than 2yrs since the 1st SPA was signed in jan08 (very likely the developer will backdate the payment and move forward it to coincide with the stamping date, which will give the developer enough time to complete the project in 36months, to avoid paying LAD)

this is very clear cut scenario, i strongly suggest u pay a lawyer a couple hundred ringgits, to get a proper complain letter out to ministry of housing, CAP, and other related bodies to assist u as victims.

lastly, the purchasers need not pay any admin fees, eg legal fees to the developer's appointed solicitors, since the SPA has not been stamped, on the other hand, u as purchasers SHOULD take legal actions against both developer and solicitors for not complying to the HDA regulations. the BAR council are always ready to hear your complains against legal firms which bend/break the rules.

thank you.
March 4, 2009 at 10:16 AMUnknown: Wow, so many comments on Island Resort. My friend told me months ago to log in since we are both purchased Island Resort. Have you guys gone up to the site recently? You should take a look at the club house that partially completed. It really commands a spectacular view from the club house. I will share with you guys later my experience buying properties from Ivory once I finish my auditing report. See you soon. Cheers
March 6, 2009 at 9:16 AMUnknown: Hi, let me share my experience in buying properties with Ivory. My first property with them is Tanjung Park condominium in Jan, 2000 which I bought for RM188,600 and sold at RM415,000 in mid 2007. Subsequently in Feb 2001, I placed a booking for another project, University Place at Bukit Jambul for RM154,400. I "chicken out" after 2months after believing in some stupid rumours about Ivory. My friend who continue with the purchased sold his condo at RM 246,000 in 2006. Fortunately in Jan 2003, I committed another of their project called The View at RM505,000 (@2000sq ft) which I disposed off at RM686,000 in Dec 2006. I could have sold at RM730,000 if I had waited for three or four months after O.C. The most rewarding purchased from Ivory is Penang Times Square commercial unit. I chose one facing Jalan Dato Keramat with area 1600sq ft for RM1.3 million in Dec 2005 which I sold at RM2.2 million in Jan 2008 to Singaporean. Besides, I also purchased two units of Birch The Plaza condo at Pg Times Square in Sept 2004 for RM250,000 and Rm263,000 which I sold one early this year for RM 405,000.

The bookings of all my properties purchased from Ivory are to deposit 10% to the lawyer before all necessary approvals are obtained. Understand most of their projects are those on Joint Venture or resquing types to assist landowners. Probably that tell us why it takes so long before SPA can be stamped.As an investor, I have no problem with such an arrangement. I do advice those before commit in buying properties, do read the content of booking. If the conditions are not favorable then do not commit. Frankly, I am glad that Island Resort is delayed so that I don't need to come out with extra cash now. Do hope that the project will complete in 3 years time, by that time the global economy crisis is over.
March 7, 2009 at 2:11 AMDominic: kudos to your reapings in your business dealings with ivory. no doubt about it you made so much $ as you have familiarised yourself with the general rule of investing in penang island.

which is when a purchaser buys a property during launching, or pre launched prices, he/she has a very high probability to enjoy a fruitful capital appreciation when disposing it before or after OC is obtianed.

good for you my dear friend.

but this does not give the developer any excuse to have the right to collect 10% deposit before AP & DL is obtained. by convincing the purchasers to sign the SPA, sitting on them for 14-16months before getting them stamped is unforgivable.

not many purchasers in penang are investors like yrself, many of them are locals looking for a decent place to live in; newly married couples, retirees and 2nd home expats.

by delaying the completion of their homes, how do you think this would affect them?

lets talk about mortgages' interests charged. lets not forget about the 10% deposit paid (FDs interests loss)
lets talk about the inconveniences caused when the project is delayed for months, a year or two.
everyone knows that any high rise is given 36months to completion, any later than that, LAD will take place. but the developer is cunning enough not to stamp the agreements, which give them more time to complete the high rise without having to be penalised by the LAD.

making money in investing in properties may be a priority to you, but not to everyone. the loss of confidence in local developers will not only have a negative impact on the properties in the island, but also on the other developers who genuinely sell their properties by the book.

making money legitimately is a virtue.

i am not saying ivory is a bad developer, i am saying in general, bending and breaking the HDA regulations should not be taken lightly. a bad apple will eventually spoil the rest of the good ones in the same basket.

in the world we live in today, $ is a very important factor to assist us in our daily routines. there is a bigger group of people out there who live day to day. from the comments of the authors in this blog, i dare to say that many purchasers feel cheated after putting in their hard earned savings to book a home here.

does the solicitor have the right to charge the purchaser legal fees when he decides to withraw due to the fact that the developer did not stamp the SPA after 14months from the date he paid his 10% in addition to no construction has started?

has the purchaser no right to take his deposits back without getting penalised by his appointed lawyers when the developer physically sits on the 10% for more than a year and did not comply to the HDA regulations?

is the legal firm acting on behalf of the purchaser or the developer in this transaction?

SAN, quoted by you the developer has done a great job in the past, but does this give them the right to hold the purchasers' deposits, promising the purchasers a huge sum of capital gains on paper while the SPA has not been stamped for the last 14 months and no work on the site has started?

bear in mind that the sales gallery built on the site does not justify the commencement of the property, whereas the ground work and the pilling of the tower are the initial stages which start off the clock for the 36months completion date of any high rise.

SAN, i am sure you and i have no intention to mislead the readers here to feel either the developer is good or poor.

whether the global economic slowdown affects us or not, whether its a Joint Venture with individual/multiple land owners, under the HDA regulations, the developer has to get the documents stamped within a stipulated time from the date the purchaser receives the receipt of payment, a prolonged 14months is definitely out of the stipulated time given.

the purpose of having open forums and blogs is to help purchasers make the right decision in finding their homes, or at least educate them on their rights as a purchaser.

i couldnt agree more that i myself made lots of $ in investing in properties here in penang island, but when a rogue developer surfaces, victimised purchasers should practice their rights and bring this matter up to the authorities before this cancer spreads.

let us help see that the property sector in penang island moves in the right direction as we are always in the eyes of the world especially now, we are given the title penang heritage city, a prestigious title granted by the UNESCO. let us live up to the expectations of living in a developing nation.
March 9, 2009 at 8:29 AMUnknown: Hi Penang,

My comment on investment in Ivory has no way to imply whether the developer is good or bad. What I am trying to share is how we can make good profit if we invest wisely. I have been investing in countries like Singapore, Shanghai and Sydney, still I find the home ground is more secure and low gearing. Those places do not have so called 'HDA' and low marginal finance from local banks hence your capital outlay is quite substancial.

I do understand those purchasers who are not investors will find them ill treated by developers who practice such scheme. Thus, it is prudent for them to wait till all approvals are obtained then only committing. It has spelt out clearly that such projects are still under consideration, so it is our options to proceed or not. HDA does not take effect yet as SPA has not been accepted by developers. I come across most developers in Penang and Kuala Lumpur practice such arrangement during pre-launch stage. Even PDC's Bayan Mutiara is practiced such arrangement. However, Ivory's projects seems to be taken too long to stamp SPA.

Again if you are not comfortable in such arrangement, DO NOT LOCK IN. Do find other projects that have obtained approval, then you are confident when you can move in to your new house. Probably I was lucky to take back my money when I withdrew from purchased University Place's condo. I hope my explaination does not offend anyone and I am not here to favour the developer. I am merely sharing with you my experience in investing properties. Cheers
March 21, 2009 at 10:44 AMM: Hi,

Contrary to a number of worrying posts on this thread, you may be relieved to hear that Ivory Properties ARE currently willing to issue a FULL refund (no admin charge, no lawyers' fee) of the 10% deposit to those who wish to cancel their purchase after 12 months where the S & P Agreement has not been stamped within that period.

Ivory readily and politely accepted our cancellation recently with no questions asked. Within a fortnight a full refund cheque was issued and returned to us by the acting lawyer. I am certainly happy with that.

Rgds, M
March 25, 2009 at 9:39 AMUnknown: Thanks Marcus for the information. I always believe Ivory is sincere and trustworthy. Too bad we live in this world having unreliable rumours. I always believe once we agree with the terms and conditions of a contract, both must commit to it.

Last year, rumours talking about Ivory can't deliver Penang Times Square due to financial constraint. Some even commented Ivory was bankcrupt soon. Look at today Times Square, not only the finishes at retail floors is laid with Iranian marble but Ivory has turned the level 5 facilities floor for condo to be one the best that I have ever seen in Penang. Besides, at night the colourful fountain is playing at open space magnificiently. Though tenants are yet coming in, I feel Ivory has lived up to their reputation. Well done Ivory!
March 25, 2009 at 1:14 PMgoondu: Shouldn't IVORY update the buyers on the status of this project?
March 28, 2009 at 9:15 AMHairy: Don't think they care about the buyers. Probably, they are in some kind of mess. If not, they should be considerate enough to give buyers an official update about this development as it has been more than a year since we paid the 10& deposit. Whenever you approach their sales staff during exhibitions and asked them about the stamping of the S&P agrrement, they would tell you "it will be done this month" or "next month". This is to only get you off their backs. And, they would tell you all kinds of stories and say it is by no means their fault. When the time comes nothing happen. For a such "reputable" developer, they should be ashame of themselves. Ivory sincere & trustworthy ???... you got to be joking.
March 28, 2009 at 8:11 PMgoondu: At present there is a Property Fair in PISA, anyone bother to clarify with the IVORY staffs and update here what's the official status on this IR project?

I am kind of feeling fishy that someone sing praise on the developer prior the starting of the PENANG PROPERTY SHOW in PISA.
March 28, 2009 at 8:24 PMgoondu: For those who intend to buy ISLAND RESORT, here's my advise:

a. Engage your own lawyer.
b. In black and white, get the sales staff to write you the actual date the S&P to be signed.
c. In black and white, ask for full refunds (legal charges and whatever) if the suggested S&P signed date was missed.
d. I bought my 1100 sq feet unit at 340K. Unless they can offer you better bargains, else think again.
March 29, 2009 at 11:26 AMUnknown: I was at PISA yesterday. I spoke to 3 Ivory sales persons at different times about the stamping of the S&P. The replies were 'by this year', 'by the next 2 months' and 'in June'. All 3 were visibly uncomfortable answering questions about the delays. Two of them even have the nerve to tell me that they have no problem if I decide to pull out. They happily explained, they could then sell my unit at a higher price to somebody else and make more money. I guess they were trying to piss me off. But then, like us, I believe these sales persons are also sick of the situation. I mean, whatever the real reason is behind the delay, these people have to come up with grandmother stories to tell the buyers. How many more lies can one continue to give knowing that you will be asked the same question again (probably by the same people) during the next show or exhibition?. Very malu-lah. But really it is the Ivory mgmt who should be blamed for being such inconsiderate, disrespectful & unprofessional towards customers who are supporting this project of theirs.
March 31, 2009 at 6:16 PMUnknown: Hello Goondu, are you out of your mind? If Ivory can sell at a better price than what we bought, isn't that good news for all of us. p. Why you discourage investors to buy at a better price? Today I manage to talk to their finance guy, Alan, who told me the agreement to be stamped soon pending execution of legal charge to the land. Understand Ivory acts as developer while delay was caused by the landowner as landowner must consent the charge. Apparantly, the land is currently charged to Alliance Bank and landowner has to release the charge before new charge can take place.

I also went to MPPP to find out the status of the project. In Engineering Dept, Mr Ang informed no stop work order is current enforced and this project has been viewed as one of the best hill slope projects so far in Penang Island. Then, in Planning and Building Dept, there is no issues also.

I do hope this project can commence asap
March 31, 2009 at 10:37 PMgoondu: Hi San,

I am still in the right state of mind. Thanks for the update, that's indeed a splendid piece of news. Hope they can kick off this project as soon. BTW is the show unit ready?
April 1, 2009 at 8:26 AMHairy: Hi San

Did Alan mention exactly when will the S&P be stamped ? Next month ? Next year?
April 1, 2009 at 3:57 PMUnknown: Hi, Alan did not indicate when the agreement to be stamped however I believe it will take another one or two months. He showed me the offer letter from May Bank to finance for the project. If I am not wrong the figure RM60 million to bridge the project. Alan did explain that any developer will definitely proceed with such a good project when the sales is so good and the bank is ready to finance. Actually, I have betrayed him for disclosing on May Bank financing. It suppose to be P & C. I hope he is not one of the readers.
April 1, 2009 at 9:06 PMUnknown: I m keeping my fingers crossed, hoping that it will finally be stamped. It has been one excuse after another. Let's see what happens ..
April 1, 2009 at 10:27 PMgoondu: Hi San,

Do you know the exact reason why it was already more than a year and the S&P still not stamped?

What would be the risk that we signed the S&P, my bank released the loan, and the project delayed again?

What will be my losses then?
April 4, 2009 at 10:23 AMUnknown: Clarifying corner unit(1250 sq ft)is located at level 20. Asking $450,000 - negotiable prior to stamping of S&P anticipated in late May 2009.
April 4, 2009 at 10:23 AMUnknown: Hi Goondu, I can't give you the answer why the project delayed. From my conversation with Alan, it could probably due to issues Ivory with the landowner. Not sure if is related to charging the land for bridging loan. I do agree with Alan, developer will proceed with the project if the sales has been remarkable and besides strong support from the bank.

When the agreement is stamped, both parties are committed to perform the contract. If developer cannot deliver on time, a penalty 10% late delivery interest will be imposed. The manner on computation of interest is benefit to us as it will take 10% on purchased price rather than payment paid. I am a very careful investor and in this project I have no doubt Ivory can deliver. Besides the landowner is none other than Tan Sri Danny Tan ie Tan Sri Vincent Tan's brother. As an investor, not only I look at the developer but I also look at who's behind the landowner. If project were to fail, I am not only seeking compensation from Ivory but also the landowner. I know there is some limitation to exercise this but I know how to get them to pay me. Not to worry much, I believe this project will take off soon.
April 14, 2009 at 12:35 AMUnknown: I'm an expat living in scotland. I invested a unit last year. I'm shocked that till now, nothing is happening on site. I came back recently to visit the site.How can the Malaysia Housing Ministry allow a developer to take money for more than one year and not stamp our agreements. Is there no law to protect us. I also did some checking and found out that their appointed lawyer is related to the developer. So he has vested interest. I also checked out some neighboring sites which started sales later and their site has started constuction. My advise to new investors is don't be tricked by huge discounts and freebies. At the end of the day is whether the developer can deliver or not. I have lodged a complained to the housing ministry and taking legal action againsts them.
April 14, 2009 at 3:59 PMbosuka: Hi all,
Wanna share with u all, I took back my money since last year. Previously, the sales staff keep mentioned that S & P will stamp next month or after few months, but, u guys c, it has been 18months, and the S&P still not sign back from them. Pls wake up!
What i want to inform u all that, pls take back ur deposit from them, Money in own pocket is more safer.
Think twice again, bcoz something is really wrong there:

1)Different answer from their sales staff. Shows no communication between their mgmt and they internally also not sure whats the hell is going on this project
2) Use their own lawyer, of course lawyer will side developer
3) We lost interest of our deposit. So is our money is longer there or they use for other mean?

Pls think twice and pull out from this project. We have money and we still can invest on another project.
April 15, 2009 at 9:18 PMUnknown: If nothing happens by June, I will pull out. They should actually change their name from Ivory to I-worry. I'm staying away from their projects next time.
April 15, 2009 at 11:49 PMUnknown: Advice from Housing Ministry from K.L to me and a local independent solicitor is, the developer can be fined for keeping our money so long. I am surprised the banks are still lending for this project. Luckily i have expat friends in Penang to advice me. I will never buy a property from this developer again. Keeping house buyers money and not stamping the legal agreements for 1 year before starting work on site is bad. The directors of this developer should go to jail.
April 17, 2009 at 2:02 PMUnknown: I do hope the project will commence soon. Lately, I went to the site and noticed there are excavators removing the earth. Look like piling is commencing soon.

As I adviced before, Ivory's lawyer keep our money with consent from us. If for any reasons you wish to withdraw, just tell the lawyer to refund the money. No one is forcing us to continue with the purchased. Lately, press has covered Ivory's project in Medan which was reported to worth US600 million. The project called Deli Grand City. I still carry hope on Ivory as no reason why such a good project can't take off. Financially, I believe Ivory is still strong if not they will not invest in Medan heavily. Do pray that this project will be a success one.
April 17, 2009 at 2:13 PMgoondu: Problem is what is stopping Ivory from making an official statement on this project? And that will clear the doubts of many buyers, else they have themselves to blame for having their name tainted.
April 18, 2009 at 10:01 AMUnknown: Yes I agree. Ivory may have good reasons not to disclose. Probably when issues related to landowner, it is then not within their say. However, I do agree at least some notes on when to expect to commence the project must convey to us. Then I can budget my cash flow properly.
April 29, 2009 at 3:49 PMbosuka: Hi San,
If they can start pilling, there should be license board.. But where is it? Its nothing there!
i think better get the exact info from developer.
May 29, 2009 at 5:42 PMUnknown: Stamping of S&P next week (at last!) Will take 3 yrs to complete. I say the later the better considering the current state of the world economy.
June 12, 2009 at 3:22 PMgoondu: Still got no news on S&P ...
June 15, 2009 at 4:37 PMAL: Hi JKS,
Are u a purchaser who has received a stamped copy of S&P?
June 19, 2009 at 8:24 PMUnknown: Hi Andrew,
I was informed by Ivory solicitors that the stamping ocurred or was imminent when I last posted at the end of May. Have not yet received the stamped S&P.
July 9, 2009 at 11:35 AMUnknown: still waiting them to call me
July 17, 2009 at 6:40 PMUnknown: still waiting as well
August 1, 2009 at 10:43 PMgoondu: I had withdrawn from Island Resort purchase and had collected all monies that I have had paid for this project from the lawyer.

I had learnt a hard lesson from my very first overseas property purchase.

For this purchase I had lost:

a. Exchange rate lost of approximate:
RM 35000 * (2.50-2.26) = RM 8400. Anyway, I shall hold on to the RM.

b. Interest lost for RM 35000 for 1.5 year.

c. Lost window opportunity or opportunity lost during the 1.5 year lock-in period.

d. Time and effort in making unnecessary trips to Penang in purchasing (2 nights stay) and cancelling (another 2 nights stay) the purchase.

e. I had spoken to Ivory marketing executive and she told me the S&P will probably be signed in December 2009.

f. And from now I shall highlight all negative aspects and facts about Ivory and Ivory projects.
August 1, 2009 at 11:03 PMgoondu: The Ivory marketing executive had claimed that the IR S&P was signed, it just was not STAMPED YET.

Perhaps Ivory can explain why they failed to STAMP the S&P?

As in my earlier posting, I had casted doubts if IR project is exclusive. Please consider the following facts:

a. Project IR10 has 3 blocks, each block shall have 99 units. IR10 itself shall have close to 300 units.
b. Project IR1 has 2 blocks, each block shall have fewer units. IR1 itself shall probably have upto another 160 units.
c. And you have the townhouses and bungalows surrounding the IR1 and IR10 projects.
d. If each unit own 2 cars (RM25000 for second car park lot), there may have up to 800 cars just in IR project alone.
f. And nearby there are many new projects coming up as well, the moonlight bay and many others.
g. And all car owners are served by the one and only Batu Ferringhi Road.
September 24, 2009 at 4:26 PMgoondu: For those who keen on buying an apartment unit in batu ferringhi, I would suggest Bayu Ferringhi project instead. At least for Bayu Ferringhi project, it will be more exclusive.

It pissed me when IR1 was released. Anyway I had let go of my IR unit.
September 24, 2009 at 4:50 PMs_Boy: goondu

but budget wise its far more expensive there.

anyway just wait. hope the IR will starts piling & complete asap
September 24, 2009 at 9:36 PMgoondu: The unit in Batu Ferringhi will be bigger in size and thus more expensive. In terms of psm, I believe Batu Ferringhi will still be more attractive.

Would you prefer a swimming pool to be shared by 250 households?

And you must know the bigger the project is, the more cars the project will have. And there is only an exit into Batu Ferringhi.

For me I won't mind forking extras for some peaceful stays.
October 5, 2009 at 5:13 PMbosuka: oh my god! until now, S &P still not stamp yet... Wat is heppening to IVORY??? So-irresponsible!
October 12, 2009 at 10:52 AMUnknown: i last heard the snp will be end of sep ?
October 12, 2009 at 4:28 PMbosuka: Salesperson (Mazura) said the landowner signed agreement with them d. Stamping will be next week (before 23/10/09). Then will collect foundation n bla bla... Constructions will begin end of year 2009, expected completion end 2012.
October 22, 2009 at 6:58 PMHairy: Finally received a letter from Ivory today asking me to collect the stamped copy of the S&P from them from 2 Nov onwards ... it has been a long long wait.
December 19, 2009 at 2:54 PMUnknown: wonder all has their S&P signed ? thanks
January 1, 2010 at 11:01 PMUnknown: Is RM460K original selling price from developer?
January 2, 2010 at 8:10 AMUnknown: Hi San,
Would you pls share how much you've purchased for 10 Island, which type & floor in which year? I went to the sales office, unit left over, even the lowest floor 1100sf cost 499K. 1250sf cost 589K. Thanks.
January 3, 2010 at 11:42 AMUnknown: Two years back the lowest floor was around 250k...with 2k increase over each floor and corner unit around 50k more ...but all reserved by ivory close friends or investors
January 18, 2010 at 10:20 AMbosuka: The construction seems not yet start, anyone got idea on this?
February 21, 2010 at 2:54 AMAnonymous: Deal All,

Kindly advise cos i had just paid for booking IR 10 during CNY roadshow (18/Feb/2010) at Gurney Plaza. I am from Outstation and worried whether Ivory are realiable and whether they can deliver the project on time. And the selling price is RM480K (after 10% + 5% discount)18 flr,1100 sqft.Is it a good project for investment? Any advise ?

Anyone have been sign S&P and get your stamping ?
February 21, 2010 at 10:57 PMUnknown: Does the unit come complete with air-cond & water heater points?
June 1, 2010 at 4:22 PMAl: Hi All. Does anyone have any news on this project? We all know the S&P was only done in Oct last year. So far I guess all of their people is working on the Moonlight Bay project since it was mentioned it will be ready by Aug this year. Just wanted to know the progress since no news from the Developer.
July 15, 2010 at 12:06 PMAl: Hi. Just received Architect Cert on completion of work below ground level. I trust work now moving forward with the completion of Moonlight Bay. This project very long overdue.
November 22, 2010 at 12:03 AMUnknown: Nickolas

What're the units that you're offering?

Pls provide info on sq ft & floor.

Thanks.
April 5, 2011 at 11:38 AMFox: Hi,
I am considering buying a small unit at I.R. or Surin but still do not know what to think ?
It seems that I.R. is more remote (how long it takes by this narrow road from IR to Surin area ?)
What I understand is that I.R is sea front with a beach nearby so with a better view and a better environment but Surin unit is larger (for the same price) with 2 parking lots and closer to town and facilities ?
What I do not know is about the quality of construction, is there any difference between both projects ? What about facilities, seems similar but is it the same quality ?
Any advise would be appreciated
Thanks
April 8, 2011 at 1:22 AMLIM: Hi, Fox. I am one of the owner of I.R 1250 sq ft. Perhaps i may clear some of your doubt. Last time i used to time the distance from my car speedometer and i found out that I.R is about 3 kilometer from Surin and the only road to Surin and I.R is the same Batu Ferringhi Road.

I am not exactly sure about the layout of Surin but I.R also offer bigger unit of 2450 sq ft at the executive floor and i think it may already been sold out.

I like about I.R because it is directly sea fronting and within walking distance to the famous Miami beach but will need to cross the road in order to get to the beach.

I.R has 266 units while Surin 390 units in total. Both are freehold but Surin come with 2 car park and I.R only one car park. In term of quality i think both project are matchable except i learnt from some buyers of Surin that they are little unhappy with the grill in the balcony instead of glass panel as earlier shown in the leaflet.

I am not sure what type of material will be use for balcony in I.R but i will get confirmation from Ivory (developer) sometime later.

For Surin tower B the project will be ready by this year end but for I.R it will be ready only by last quarter of 2012. Now the construction for I.R already reached 11th floor (total 33 floor).

I hope this is clear to you and i suggest if you really want to compare it is better for you to visit the site personally and feel the environment yourself. Wish you all the good luck.
April 8, 2011 at 10:53 AMHairy: I have a unit each at Surin & IR. Best thing about IR must be it's view. Really, nothing to block it. Unlike Surin, IR doesn't have lots of condos surrounding it. IR also has lower density which is a big plus. The downside about IR is that it is quite remote ... actually, could be good to some. In terms of layout, Surin is designed for family living, bigger kitchen wet/dry & yard. IR's layout is really resort style, meant more as a holiday home. As for facilities, both are equally the same. In terms of quality, I guess we won't know until both have been completed.

I think LIM is right, it's best that you go to both sites and feel the respective environment there. Both have their pros and cons. I personally feel IR has an edge with it's view as it is bulit really close to the sea.
April 12, 2011 at 9:54 PMFox: Thanks to Hairy and Lim,

You are right, I will try to visit Penang ASAP to see both projects. Do they have show units ?

Thanks again
April 14, 2011 at 12:31 AMLIM: Dear Fox,
For Surin i heard they have show unit at the site but not sure how true it is. For I.R no show unit. To understand more, you can call up the sales office respectively and they may be able to brief you better.
June 1, 2011 at 10:49 PMCoco: Fox, You can go to the site to take a look. It's almost 15th for built. Ivory office is next to Times Square.
June 3, 2011 at 3:41 PMFox: Thanks Coco and Lim,
I went to see the project on site and we liked it much. It is only a few kilometers from Surin but the environment is completely different. Jungle at the back and sea just in front and a small beach neaby, really nice. To my opinion, even better that Bayu ferenghi. I think construction is going much faster now. I would not be surprised if it finish ahead of schedule.
Penang is a wonderful island also, a bit of Singapore or Hong Kong but of course much cheaper !
July 16, 2011 at 6:12 PMsad: wah!!! got discount one ah..so good. cannot sell meh? quick quick buyer. quickly grab it or else you will miss the boat. hehehe
July 16, 2011 at 8:02 PMdev: new properties launch in penang is something like a hot cake in our dining table..who said cant sell?
Not even 2 hrs i received 2 inquiry emails..hope potential purchaser dont miss the boat as sad said..
July 16, 2011 at 8:05 PMdev: only limited units left..
July 16, 2011 at 11:36 PMsad: i being sarcastic on my previous comment. if selling like hot cake, why bother to give discount and advertise all over the place? sounds suspicious??????????????????
July 22, 2011 at 10:42 AMAnonymous: I think it is a good investment. The floor area is of 2,500sq ft is very comfortable and the right sweet spot. Who needs a 7,000sq ft super condo? You may need 2 amahs to upkeep such a place. Island resort is first plot next to the beach with 100% sea view. Guaranteed no view blockage unless some idiots reclaim the beach....which is highly unlikely. Batu Ferringhi will be like Stanley Bay of Hong Kong. If you want to wait for the road to be widen, make sure you have a deeper pocket. The property prices there will be much higher by then. The road widening is just a matter of time. Take your chances if you want to wait.
July 22, 2011 at 6:58 PMAnonymous: Hi, a relative now offers me IR @ Rm625k for 18th floor intermediate unit bout 1100sf. Is it worth buying? Somehow I love this IR for it's seafront view. Initially there was stamping issues but seems ok now, are there any other problems facing still?
Can someone pls help? I'm a homemaker without much knowledge bout IR.
Any comments wl be appreciated be it good or bad. Thx in advanced.
July 22, 2011 at 10:21 PMAnonymous: 625k for 1100sf, ~570psf. only 1 car park i think. built quality is a question mark. If you have a strong taste in seaview, and price is not a real concern for you, then go ahead. But before that you can check on the Surin, The Waterfront, and future Mahsing residence.
July 22, 2011 at 11:20 PMAnonymous: Hmm..a point to ponder, thx propng. Yes originally comes w 1 carpark but the owner bought an extra one, so 625k w 2 carparks, can consider?
July 23, 2011 at 8:39 AMcondomana: Hi Anonymous,

I take it as either you are retired, jobless, or simply rich enough not to have a job. Don't you find traveling up and down too much of a hassle because of the distance?

And I suppose you don't have school going kids. Just imagine how much time you have to spend (waste) driving your kids to school, tuition, and music lessons etc.

Plus this place is so far away from all the conveniences. There are better choices out there with much better value!
July 23, 2011 at 7:46 PMFox: How far to Tesco/town or to a mall ? 20 mn or 25 mn at most ? it would be a dream for most people living in major cities abroad.

Is there not an int'l school in BF ?
With those brand new (high end) developments in BF, more facilities such as supermarkets will surely come.

For me, I believe an extra 10 mn to drive to live in a such beautiful green area is worth it but everyone has different priority.

Just my 2 cents
July 23, 2011 at 11:18 PMAnonymous: International school? Yes, Upland in BF, dalat and tenby at Tg Bunga, all within a short range. The distance from Ivory's Island project to new Tesco is around 6-7km. But perhaps my previous is not clear enough, 620k for a 1100sf project is considered very expensive, even with 2 car parks. Not along ago when New bob is running a marketing for Diyaja, they only selling at slightly higher than 500k, lower floor with 1 car park, but still reasonable since all levels enjoy the same seaview anyway.

So if you really like the seaview, looking for own long term staying, then go ahead. IF you are looking for investment, i will not recommend. Imagine how you gonna compete with those earlier purchaser who bought the units only at 300k++ during the booking time in sub-sale and rent? so think twice. If you like seaview only, they are plenty of consos in BF such as eden seaview, delima, eden fairway etc selling at <300k. A bit old but seaview is equally excellent.
July 25, 2011 at 4:00 PMBecky's Big Sale: Definitely not worth getting this at the current pricing. Ivory has not been a favorable developer when it comes to post-OC repairs and quality
July 25, 2011 at 7:44 PMAnonymous: Tq all for yr valuable comments!
July 27, 2011 at 12:06 AMFox: One point I wld like to add to "anonymous" about 10 IR.
I like this project but I do not like much the layout of the intermediate units since (if I remember well) 2 bedrooms out of 3 do not have real outside view. Corner units are much better and of course layout of the 2500 sqf is excellent but much more expensive.
good luck.

Does anyone know how construction is going and which floor has been reached nowdays ?
August 5, 2011 at 4:31 PMRoman: Hi Anonymous,

RM 625k for 1100 sq.ft, with 2 car-park? It is not expensive, but VERY expensive. If you like sea view, you can consider THE VIEW. Equivalent sea view, better location, spacious (2000sq.ft) and the most important thing is that there is still room for the price to appreciate in future. THE VIEW is selling ard RM700k.

THE VIEW : RM 350/sq.ft
IR: RM 550++ / sq.ft.
August 20, 2011 at 10:53 AMAl: I drive by this development everyday, well properties in Penang now has appreciated. New projects like Breeza has almost 3X it's original price plus it's leasehold. Surin is very quiet nowadays.
For me personally, I like the location away from town and like the fact it's on looking sea view with a great relaxing feeling. I just hope this project can be completed quickly, as this project has taken too long due to earlier complications.
Commitment from Ivory to deliver a quality condo with good amenities and finishing is a MUST!
August 21, 2011 at 6:25 PMAl: Just drove by and currently has reached 28 floor out of 33 floors.
September 3, 2011 at 11:10 PMAl: Drove by and now building 29 floor now
September 9, 2011 at 1:38 PMLinlin: Can anyone advise on the current Ivory Resort price for 1250 sq ft unit?
October 1, 2011 at 10:14 AMFox: Building has now reached 31st floor which means it is almost completed and they start to paint it. I have been told that overall project is now around 60%.
I hope finishing will be better than their Times Square project (very basic)...
October 4, 2011 at 3:13 PMAl: Fox, thanks for the updated photos. I'm also excited if they can complete before the end of June 2013 of course with the best facilities and built up as the location is great
October 4, 2011 at 4:14 PMElson: personal opinion, seaview only nice when seldom to view, but when staying in, with working outside, not really got time to sit or stand there and view it... this is what i doing now. my place have also very nice seaview, but, hardly spend time on it. rather spend time to my friends and family with others matter.... advice, dont bcoz seaview and commit overpriced condo. and who bought it, what i can say, enjoy the view, cheer.. ^^
November 2, 2011 at 1:37 PMPYY: How much for the smallest unit now?any unit still available?
November 25, 2011 at 8:59 AMFox: Yes I guess there are still some intermediate units available but things change quickly.
I do not think there are corner units available anymore . Unsure about executive/penthouse units but if there are, it is extremely limited.
December 16, 2011 at 11:02 PMrb: may i know when can get the VP or OC?
December 27, 2011 at 12:12 AMfrogprince: I noticed there is a land clearing activity on a piece of land opposite of Island Resort. Anyone knows if this will be another high rise? Or no?
January 12, 2012 at 1:23 PMPG kia: 3rd schedule 2(e) completed.
January 25, 2012 at 2:01 PMAl: Spoke to the Sales personnel at Gurney during CNY holidays recently and was inform expected completion with OC sometime in Q3 2012
January 25, 2012 at 2:02 PMAl: Spoke to Sales personel recently at Gurney during CNY holidays and was informed that expected completion together with OC in Q3 2012
January 28, 2012 at 12:11 PMPG kia: 1 corner unit 1250sf with 1 CP at lowest floor of the central block was transacted above 700k recently. The upcoming VP/OC and the proposed traffic alleviation projects with a 12km dual carriage road from Tanjung Bungah to Teluk Bahang, should boost up the potential further.
March 1, 2012 at 3:00 AMWISH: What is the status now, can someone update....from Beijing
March 10, 2012 at 8:05 PMFox: Hello,

I just saw that ivory had a roadshow where they advertise condos of 2135 sqf at 10 IR... . It is the 1st time I hear about condos of this size, any idea what kind of unit is it ? Smaller than executive but larger than corner units...

http://www.malaysiapropertynews.net/images/2012/2012-02-25/ivory-property-roadshow-at-pisa.jpg
March 15, 2012 at 7:27 PMPG kia: 3rd schedule 2(g) completed, the drains serving the building.
March 15, 2012 at 7:40 PMFox: Hi PG,

Are you saying that for your unit all schedules have been completed from 2(a), 2(b), 2(e).... 2(f) up to 2(g) ?

I am a bit surprised because my unit is still in 2 (b) !
Are you on the lowest floor ?

Thanks,
March 16, 2012 at 6:27 PMPG kia: Mid floor. Yes 2(a) till 2(g), except 2(f) the sewerage works not in yet.
March 17, 2012 at 12:29 PMFox: Thanks PG , thats means you condo itself is ready !

Early february when I last saw the building and posted the pictures on this forum, I did not anticipate that any condo would be almost completed so soon. I suppose they are moving from lower floors and only move up when all is finish.

Great news anyway,

If anyone can post new pictures, that would be much appreciated !
April 9, 2012 at 11:18 PMPG kia: There is a small piece of land at 10 o'clock of IR, size 1.103 acre sold @ 520psf back in 2010, site clearing is started recently. Anyone knows what is that for?
April 10, 2012 at 7:58 AMfrogprince: That is about ~RM25m. How do you know the price n land size?
Anyway hopefully not another high rise. Don't think can be approved....but then what is impossible in bolehland!
April 13, 2012 at 11:21 PMPG kia: Got the info from Lau Juak. The $25m land is actually locates between Moonlight Bay and Hilltop, it's seafront and seems ideal for high end development. The site clearing near IR... not sure the plan but size is small.
April 23, 2012 at 12:14 PMLIM: Thanks William for posting some fantastic photographs. Look like near completion and hopefully can get the key by end of this year.
April 23, 2012 at 12:16 PMLIM: From the photos, the building look very nice and appealing with high window panels. Not sure the balcony is it going to be tempered glass panel?
April 23, 2012 at 9:33 PMPG kia: Great pictures! I would expect to have tempered glass panels to match the design. Come on, buyers have been waiting for yearss... Please show us the quality!
April 24, 2012 at 12:22 PMLIM: Hi PG Kia, the site clearing near IR is previously temporary housing and belongs to MPPP. Last time MPPP did have plan to flattened the one storey building and turn it into a leisure park with seaview. Not sure what is the plan now.
April 24, 2012 at 12:25 PMLIM: But in IR the middle block, the whole 8th floor (the facility floor) is purposely designed for seaview capture so we have plenty of space to move and plenty of view to enjoy. Cheers.
April 28, 2012 at 9:56 AMWilliam: Hi Lim, thanks. William here. I also hoping can get the key by end of the year. But they did told me that Oct may get it, earliest will be Aug, which I think Aug will be unlikely. Just hope that the so called "gangster" contractor will not be based there for the renovation purpose.
April 30, 2012 at 10:39 PMLIM: No worry William. The so call "gangster contractor" we will leave it to the Ivory ID team to handle after OC as they also keen to get more customers under their wings and the so called "gangster contractor" is no way near.
May 1, 2012 at 10:50 AMPG kia: SPA was stamped in Oct '09 so this should be ready by Oct '12 or earlier right.
May 16, 2012 at 7:59 PMPG kia: 3rd schedule 2(f) completed, the sewerage works. Counting down..
May 22, 2012 at 9:37 AMAl: Thanks for the latest photos. Hope it will be completed real soon
May 22, 2012 at 7:40 PMPG kia: Good to see more pictures! The (nice, hopefully) interior should attract more picture taking upon OC.
May 22, 2012 at 7:50 PMFox: Yes, overall it looks nice except (to my opinion) this orange color which is quite different from the original orange/gold color from the brochure.
May 23, 2012 at 1:53 PMAl: At lunch time today, saw a couple of guys from Ivory. During our conversation they mention timeline of August, which looks fine.
May 26, 2012 at 11:00 AMPG kia: Together with the glass panels, the orange color is good looking and quite eye catching! Will see how good is Dijaya, to demonstrate their strength on resort styled landscape design... before Penang World City.
May 26, 2012 at 1:51 PMHairy: From the outside, it really looks stunning. Hope the inside is as good looking, if not better. Please do no dissapoint me Ivory, already waited 4.5 years.
May 27, 2012 at 11:16 PMLIM: Thanks Fox for uploading the recent photos. From far and closed up, i can say " Wow, amazing".
June 20, 2012 at 12:39 PMFox: Hi
I saw on Ivory website that "1 island resort" do not longer appears on their upcoming projects. It used to be "phase 4" but now they just mention "residential units".
Does anyone knows something about it ?
Thanks
July 5, 2012 at 7:17 PMPG kia: "The 1.1 acres for the The Bay project in Batu Ferringhi was acquired for RM25mil in 2010"... This should be the one in between Moonlight Bay and Hilltop. Just wonder if the price range of this new project will be similar to By The Sea?
July 21, 2012 at 10:52 AMAl: Can anyone comment on the market value for a corner unit i.e. 1250 sq ft?
July 21, 2012 at 1:49 PMPG kia: Hi Al, I think is in the range of 600-700psf currently, especially #1 & #12 the true corner with side view to moonlight bay and miami green respectively. But I don't think we fully understand it's potential yet. I'll keep it and see how long it goes.

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