Developer Ivory Properties seeks listing on Bursa

Ivory Properties Group, which is developing the RM1.1 billion Penang Times Square project is awaiting the nod from the Securities Commission for its listing on Bursa Malaysia.

Ivory executive director Datuk Seri Nazir Ariff said Ivory hoped the listing would be "soon" but declined to elaborate.

He was speaking at a press conference on Jan 27 ahead of the official opening of the first phase of the Penang Times Square project on Feb 6 by Chief Minister Lim Guan Eng.

The project is in the heart of George Town, sprawled over 13 acres of land which used to be a tin smelter since 1898. Work started in 2005 and will be completed over four phases by 2015.

The first phase of the project includes Birch the Plaza with 395 condominiums, 22 penthouses and 211 retail lots with 284,828 nett lettable area.

Nazir about 65% of the total floor space is occupied with the anchor tenant being undertaken by supermarket Sunshine City, which is part of the Suiwah Corp Bhd, taking up 110,000 sq ft and the tenants are mainly Malaysian brands.

There is also an open area, over two acres, named Chin Ho Plaza after the entrepreneur and smelter Lee Chin Ho who started the tin smelting at the site and produced the world famous Escoy brand Straits refined tin.

Phase 2 will be completed by 2010 and will include 341 condominiums, 18 penthouses and 159 retail lots. Phase 3 will start in 2012 and it comprises of a luxury condominium block, shopping malls, cineplex and a 80,000 sq ft exhibition and convention centre.

Phase 4 will be a boutique four to five star hotel with 352 rooms which will commence in 2012 and be completed in 2015.

"We are still talking to some parties and looking for investors to build the hotel, or even for any hotel to take it up and run it and also the convention and exhibition centre.

"There is currently no convention and exhibition centre in the city. With a hotel readily available at the same location, it would be ideal," Nazir said.

He also said the Penang Times Square project, once fully completed will revive the nightlife in George Town, which has in recent decades seen a declining population.

"We are certainly not competing with other malls and this will also be a place for city dwellers and those who live nearby to hang out," he added. - By Regina William (The Edge Property)