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Tuesday, September 22, 2009

Ivory plans RM2b launches in Penang,Selangor

PENANG-BASED Ivory Properties Group plans to launch four properties, with a combined gross development value (GDV) of RM2 billion, within the next four years.

Its executive director Datuk Seri Nazir Ariff Mushir Ariff said that three of the projects will be in Penang, while one will be in Tanjung Malim, Selangor.

On Penang island, Ivory will embark on the RM255 million Island Resort development along the Batu Ferringhi tourist belt, comprising condominium and resort villas.

"We have also received approval from the local authorities for the RM300 million Tanjung Tourist Mall project in Tanjung Tokong," Nazir Ariff told Business Times.
The proposed project includes condominiums perched above a shopping mall, retail outlets and a transportation hub.

"The almost 300,000 sq ft shopping area will be enhanced with a tropical-style interior design, teamed with appealing landscape elements, giant palm trees and water features."

Within close proximity of the mall is the RM400 million The Peak development, located at the foot of Mount Erskine.

The three-phase project on 5.48ha, features condominiums and eight units of a four-storey shop-office.

On the mainland, Ivory's RM88 million Aston Villa project in Bukit Mertajam also features condominiums, landed property and commercial lots.

"This project is targeted to be completed two and a half years from now," Nazir Ariff said.

The RM420 million Ivory Eco Park in Tanjung Malim entails residential and commercial properties.

Ivory, which celebrates its tenth anniversary this year, touts itself as a fully-integrated developer that does not outsource any work on its projects, from planning to managing the completed properties, to control costs, timing and quality.

Having completed projects with a GDV of RM680 million in Penang and with RM480 million of jobs, the company is considering a listing.

"Although we received the nod from the Securities Commission last year to list, we have deferred our plans due to the market situation," Nazir Ariff said.

"We have since upgraded our figures and submitted a revised scheme to the authorities, and are awaiting approval."

By Business Times (by Marina Emmanuel)

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