Penang World City, a mixed residential and commercial property project by  Tropicana Ivory Sdn Bhd on a 102.56 acre site in Bayan Mutiara, Penang. Comprises a mix of residential units, shopping mall, office suites, office tower, hotel, retail spaces and open mall with boulevard.

The development will be completed in eight years and work on the first phase is scheduled to begin next year.

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THE Penang Government is allocating RM500mil, generated from the sale of a 41.5ha prime site along the Tun Dr Lim Chong Eu Expressway on the island, to set up an Affordable Quality Homes Fund.

Chief Minister Lim Guan Eng said the allocation was consistent with the state government’s commitment towards ensuring that affordable quality homes were made available for Penangites.

“A location for such housing has been identified in Batu Kawan (on the mainland) where 80.9ha of land has been earmarked to build some 15,000 units with prices ranging between RM72,000 and RM220,000,” he said.

He said three companies were shortlisted during the open tender for the 41.5ha land, sandwiched between the Penang Bridge and the soon-to-be-completed second Penang bridge.

Ivory Properties Group Berhad (IPGB) was awarded the tender with its price offer of RM240 per sq ft over a five-year period.

Lim was speaking to reporters at the signing ceremony yesterday of the purchase and development agreement between IPGB and Chief Minister Incorporated (CMI) and Penang Development Corporation (PDC).

State Economic Planning Unit deputy director Hafidzah Hassan signed on behalf of CMI, while PDC general manager Datuk Rosli Jaafar represented PDC, and IPGB chairman and group chief executive officer Datuk Low Eng Hock signed for IPGB.

IPGB and its joint-venture partner Dijaya Corporation Berhad plan to develop a mixed-development project with an estimated gross development value of RM10bil that will be completed in eight years.

A joint-venture company Tropicana Ivory Sdn Bhd has been formed to undertake the project.

SOURCE: The Star

Dijaya Corp Bhd and Ivory Properties Group Bhd will jointly develop a land in Penang that could generate RM10 billion in gross development value.

The project in Bayan Mutiara, Penang, will be undertaken by a joint-venture company called Tropicana Ivory Sdn Bhd (TISB).

Dijaya will hold 49 per cent of TISB, while Ivory Properties will have the remaining 51 per cent.

The development covers 41ha of land, of which 27ha is existing land. Another 5.6ha will be reclaimed.

The land is being bought for RM1.07 billion. It will be converted into a mix of residential, shopping mall, hotel, office suites, office towers, retail spaces and open mall with boulevard.

It will also include construction of Grade A offices and a specialist medical centre if needed.

The development will be completed over the next eight years and work on the first phase is scheduled to begin next year.

Under the deal signed yesterday, Dijaya will extend financial assistance to TISB in the form of shareholders advances, guarantee, indemnity or collateral of up to RM525.4 million or 49 per cent of the total consideration of the development land.

Ivory Properties may also provide financial assistance of RM482.5 million for the same purpose.

The first tranche of the RM1.07 billion land purchase will be funded through internally generated funds by Ivory and Dijaya.

Subsequent payments will be funded through a mix of internally generated funds and/or bank borrowings.

SOURCE: Business Times

KUALA LUMPUR (Nov 11): Dijaya Corporation Bhd and Ivory Properties Group Bhd have signed a joint venture (JV) agreement to develop mixed residential and commercial properties in Penang with a gross development value (GDV) of RM10 billion.

In a joint statement on Friday, the two companies said the development will be completed over the next eight years and would comprise of residential, shopping mall, hotel, office suites, office towers, retail spaces and an open mall with a boulevard. Construction of the first phase is scheduled to begin next year, they said.

The signing confirmed an earlier report on Friday by The Edge Financial Daily after Dijaya and Ivory Properties had both asked for a one-day suspension in trading for their shares pending a material announcement.

Dijaya and Ivory said the land was located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway (formerly known as Bayan Lepas Expressway) and in the vicinity of Sungai Nibong. It spans 102.65 acres, of which 76.56 acres are existing land and the remaining 35 acres are to be reclaimed, they said.

Dijaya group chief executive officer Tan Sri Danny Tan said the signing was another milestone for Dijaya’s investment outside of Klang Valley in addition to the Southern region. “Our investment in Penang is an affirmation of the company’s confidence in the growth potential of this region and, with Ivory as our business partner, we hope to further contribute to the economic growth in Penang,” he said.

Meanwhile, Ivory chief executive officer and chairman Datuk Low Eng Hock said Dijaya was famous for its series of lifestyle homes within a resort environment as seen in the award-winning development Tropicana Golf & Country Resort. “With the property company beefing up its financial muscles and market presence, this potential joint venture will add vibrancy and spur the economic growth of Penang,” he said.

Ivory had received a letter of acceptance from the Penang Development Corporation (PDC) on July 25, to purchase and develop 102.56 acres of mixed development land in Bayan Mutiara, Penang for a purchase price of RM1.07 billion.

Under the JV, the two public listed companies have formed Tropicana Ivory Sdn Bhd, with Ivory Properties holding a 51% stake and Dijaya holding the remaining 49%.

SOURCE: The Edge Property

GEORGE TOWN: The state government should consider building low medium-cost (LMC) units on the island instead of pushing such projects to the mainland.

State Gerakan Housing bureau chairman Quah Kooi Heong said that to date, Chief Minister Lim Guan Eng had only announced one notable LMC project, which is the one located on the mainland in Batu Kawan.

“Lim has failed to realise that there is demand for LMCs on the island,” Quah said.

He said that on Aug 1, Lim denied accusations through the media that the state government had never launched any affordable housing projects.

Lim then revealed that a total of 11,596 low-cost and LMC units had been approved since 2008.

Quah however said: “Of the 11,596 units, he said that 8,175 units were built by private developers while the government and related agencies constructed 3,421 units.

“However, he did not mention that the 3,421 units were in fact inherited from the previous Barisan Nasional government.”

“The state government through PDC should build more LMCs while the state or the Penang Municipal Council should not resort to making quick profits by selling state or council land to private developers.”

Quah claimed that the state government had transferred its social obligations to build LMCs on the island to a private developer, who is overseeing the Bayan Mutiara integrated development project.

“This move does not help resolve the shortage of LMC units on the island. It will in fact increase the cost of LMCs in Penang and defeat the objective of the state to provide affordable housing for the poor,” Quah told a press conference at the state Gerakan headquarters yesterday.

Quah pointed out that in the latest Auditor-General’s Report, not a single LMC was built by the state government between 2008 and 2010.

Source: The Star