Ivory plans to unveil RM1.6bil worth of residential, commercial units in Penang

Ivory Properties Group Bhd (IPGB) plans to launch RM1.6bil worth of properties on Penang island in the second half of 2012.

IPGB executive director and chief operating officer Murly Manokharan said these projects comprised the first phase of Bayan Mutiara, which has a gross development volume (GDV) of RM800mil, the third and fourth phases of the residential towers for Penang Times Square (RM300mil GDV), a RM130mil sea-fronting condominium block in Batu Ferringhi, and the RM400mil City Mall and City Residence in Tanjung Tokong.

He said the first phase of Bayan Mutiara involved the development of some 1,500 high-rise units with built-up areas of between 500 sq ft and 600 sq ft each.

“We are negotiating with investors from Japan and Singapore to explore possible joint-venture projects for the commercial portion of this project,” Murly said. The total built-up area for the commercial portion is 2.5 million sq ft to 3 million sq ft.

“We should be able to conclude a deal in the next three months,” he added.

For the condominium block, Murly said the group would position it as a medium to high-end scheme in line with the current demand.

The group plans to build 700 condominium units with sizes ranging from 400 to 1,200 sq ft for its Penang Times Square residential towers. It will develop 80% residential units and 20% commercial lots under the City Mall and City Residence project.

“We are looking at selling each unit of the City Mall and City Residence at between RM700,000 and RM750,000.

Murly said the group would submit the master plan for the entire RM10bil Bayan Mutiara project and reclamation reports to Penang Development Corp in September.

Meanwhile, IPGB chairman and group chief executive officer Datuk Low Eng Hock said the group expected a significant contribution in profit and cash flow from the acquisition of associate company Ivory Villas Sdn Bhd.

“We foresee the positive effect arising from acquisition of the remaining 51% equity interest in Ivory Villas Sdn Bhd for RM40mil upon completion on April 2,” he said.

On the recently launch The Latitude, Low said the response was overwhelming and it had sold out all non-bumiputra units of Tower A of the freehold residential development in Tanjung Tokong. The Latitude has a gross development value of RM163.7mil.

“This luxurious 45-storey tower is conceptualised as an abode that promotes affordable luxury by making mid-sized condominiums in the suburbs an attainable reality for those craving understated elegance.

“The take-up rate for The Latitude is now 70%. The two towers are poised to be the most affordable luxury condominium in Penang,” he said.

Low said construction of the project had begun early this month and scheduled for completion in three years.

For the first quarter ended March 31, the group posted RM3.77mil in pre-tax profit on RM24mil revenue, compared with RM6.3mil and RM27.3mil respectively in the previous year's corresponding period. - By David Tan (The Star)

No comments