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Tuesday, June 19, 2012

Ivory Properties sees huge jump in revenue next year

GEORGE TOWN:Ivory Properties Group Bhd expects to see a huge jump in its revenue next year amid several projects to be launched in the second half of this year and early 2013.

Its executive director/chief operating officer, Murly Manokharan, said on Tuesday next year would be exciting for Ivory with the Bayan Mutiara development kicking in and also its position as a turnkey builder for the project.

He said Ivory's balance sheet would be strengthened in the second quarter this year following the acquisition of its associate company, Ivory Villas Sdn Bhd, for RM40mil for the remaining 51% stake.

Ivory will be launching five residential projects in the second half of this year and early 2013 with a gross development value (GDV) of over RM800mil. Among the projects are the phase three and four Penang Times Square in Jalan Dato' Keramat with a GDV of RM300 million.

At a press conference after the group's AGM, Murly said the first phase of residential development in Bayan Mutiara would be launched year-end or the first quarter of next year with a gross development value of between RM700mil and RM800mil.

Other developments include the Island Resort bungalow project in Batu Ferringhi with 22 exclusive units ranging from 5,000 sq ft to 8,000 sq ft at a GDV value of between RM20 million and RM25 million to be launched year-end.

By Bernama

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