The Penang-based developer's share price has appreciated by slightly more than 20 per cent this month, after slumping to a 52-week low of 90 sen on June 23 this year.

Last Friday, Ivory shares closed 2 sen higher to RM1.16 a share, after having reached an intraday high of RM1.19 a share.

Business Times understands that the Penang Development Corp's (PDC) board of directors are scheduled to meet early this week to decide on the matter.

The meeting will be chaired by Chief Minister Lim Guan Eng.

Apart from Ivory, SP Setia Bhd had also put in a bid to develop the landbank. The cost of developing the land surpasses the RM1 billion mark.

The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.

The reserve price for the tender is believed to be in the RM200-per- sq-ft range.

The Bayan Mutiara area is considered prime land for hotels and resorts as it is located south of the Penang Bridge, overlooking Pulau Jerejak.

Early this year, the Penang state government had asked for a request for proposal (RFP) via PDC to develop an initial 24.8ha.

The RFP comes with the potential to develop an additional 14ha via a future reclamation after the development of the initial 24.8ha.

The property developer, listed barely a year ago, last month confirmed that it had indeed submitted a bid to help develop the land.

"I can confirm that we have submitted a bid by responding to the Penang government's request for proposal to develop the land and are now awaiting word from the state authorities," the company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff told Business Times about a month ago.

SOURCE: Business Times