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Ivory Group to start phase 3 to 5 of Penang Times Square by year-end

June 21st, 2013 Leave a comment

KUALA LUMPUR: Penang-based Ivory Properties Group Bhd will start work on phases three to five of its Penang Times Square project, which includes a five-star hotel, by year-end.

Group chief executive officer Datuk Low Eng Hock said the three phases would cover 1.5 million sq ft, including a five-star hotel.

In a statement issued after its AGM in Penang, Low said these phases would comprise small-office-home-office (Soho) units, a shopping mall, a hotel with 300 en-suite rooms, exclusive suites and a stand-alone cineplex.

As for the mall, Ivory Properties is to be the sole owner and plans are underway to attract international retailers to fill up 500,000 sq ft of the mall area.

“There will also be a double-storey basement car park to accommodate high traffic flow during the peak season,” he said.

Source: StarProperty.my

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  1. nd4spd
    June 21st, 2013 at 08:38 | #1

    a shopping mall again, do we need another PTS ?

  2. homebuyer
    June 21st, 2013 at 11:34 | #2

    the place is dead

  3. tww
    June 21st, 2013 at 11:52 | #3

    not really dead yet, at least I have not lost hope completely on PTS. Eventually when there are more happenings come about, e.g. cinema, entertainment city, the place may gain more popularity then. What you cant argue is that the residential there is actually successful, price appreciated sharply, occupancy rate also picking up nicely. Eventually when phase III and IV residential is ready, the own residents may be able to keep the retails there self-sustained.

  4. Siew
    June 21st, 2013 at 12:30 | #4

    Are you sure?
    Entertainment city already there. Self sustained by residents? Sunshine supermarket already moved out. Must be really bad for a big supermarket to move out after all the racks, displays , so many things. I start to see A few listing in Bank auction, I myself is shock as I used to see low cost flats in auction in Penang.
    Residential , the slope driving with never ending corners to car park is killing you especially your old parents. Sigh….
    I myself is sad because I like Sun Shine , not much people especially buying groceries during CNY but it is gone. I last time see japanese one but where are they now after supermarke closed? Some more, rumours said birch regency got dirty things ( this one, i dont know) The sea food restaurant also gone , those shop lots upstairs are…. I mean , You dare to walk up or not alone? Especially ladies

  5. Meng
    June 21st, 2013 at 12:38 | #5

    tww :
    not really dead yet, at least I have not lost hope completely on PTS. Eventually when there are more happenings come about, e.g. cinema, entertainment city, the place may gain more popularity then. What you cant argue is that the residential there is actually successful, price appreciated sharply, occupancy rate also picking up nicely. Eventually when phase III and IV residential is ready, the own residents may be able to keep the retails there self-sustained.

    By then, even worse. Shopping mall at The Light , Shopping mall at Penang World City, Shopping mall at South Bay, Shopping mall at Gurney Paragon ….. These are all announced la in Newspaper .. Who knows , another biggest shopping mall like mid valley in Balik Pulau.
    If I am owner of shop lots in PTS, I will be worry

  6. ezalor
    June 21st, 2013 at 12:44 | #6

    The build another shopping mall to compete with current PTS that almost dying? Mid Valley mega mall, their business is so good, then only got Gardens. One Utama, business so good then only got new wing. Sunway Pyramid, business also so good need to expand. This PTS nak mati, then they build another one beside it to make it “mati cepat”.

  7. Crime
    June 21st, 2013 at 13:53 | #7

    Dont scare the ppl la, worst case convert it to komtar style n let it become UN mall

  8. nd4spd
    June 21st, 2013 at 15:12 | #8

    tww :not really dead yet, at least I have not lost hope completely on PTS. Eventually when there are more happenings come about, e.g. cinema, entertainment city, the place may gain more popularity then. What you cant argue is that the residential there is actually successful, price appreciated sharply, occupancy rate also picking up nicely. Eventually when phase III and IV residential is ready, the own residents may be able to keep the retails there self-sustained.

    I like your optimistic view although do not agree by majority here. What makes you think nearby/own residents able to self-sustained..
    Facts and figures, penang island alone has less than a million population, total up include mainland still dip below 2 millions…few shopping malls turn into ghost mall so your comment of able to self-sustained is questionable. Without adequate purchasing power of disposable income, all talks of building super/mega new malls is useless

  9. Choo
    June 21st, 2013 at 18:02 | #9

    Yes. I agree with u. Currently birch regency and birch plaza price is shooting up quite rapidly and alot of resident already stay in. Although sunshine is moving out, but another supermarket is moving in soon. For phase 3, Ivory have a very good ownership and lease out.

  10. Choo
    June 21st, 2013 at 18:08 | #10

    @ezalor

    PTS is going to be another new landmark at Georgetown after prangim mall and 1st Avenue.

    Offering a wide nice shopping center especially on its strategic location and somemore is just beside a 5 star hotel. It is going to be shine after build up in 4 years time.

  11. Choo
    June 21st, 2013 at 18:08 | #11

    PTS is going to be another new landmark at Georgetown after prangim mall and 1st Avenue.

    Offering a wide nice shopping center especially on its strategic location and somemore is just beside a 5 star hotel. It is going to be shine after build up in 4 years time.

  12. Choo
    June 21st, 2013 at 18:14 | #12

    Hi Meng,

    More shopping mall…more choice to consumer!

  13. Ken
    June 22nd, 2013 at 14:23 | #13

    PTS going to be a white elephant … and then dead
    greedy unscrupulous developers who mislead , cheat & con the people should be jailed ..

  14. Ah Gu
    June 22nd, 2013 at 14:28 | #14

    Wait for Capitalland to buy up the mall first then can start dreaming.

  15. ezalor
    ezalor
    June 22nd, 2013 at 14:30 | #15

    Georgetown area, tourist prefer go to Gurney Drive for shopping. Georgetown residents population size is too small, very hard to support this PTS.

  16. peter
    June 22nd, 2013 at 14:48 | #16

    My 2 Sen is that everything is about to go online in the future including grocery shopping. I already get my teabags delivered to my doorstep by youbeli.com and contrary to my previous belief it is actually economical for lightweight items as shipping is only RM6. The point is with the rental price of retail space in malls being 3? 4? 5? thou a month? What can people sell that will break even? And at a price point that will attract customers? I see a lot of little boutiques even in “thriving” hotspots like Gurney Plaza that are eerily devoid of patrons and wonder how they break even. Having said that , I was at the MR.DIY shop at Times Sq last week and had a real huge spending spree. I find that chain of stores to be the only one offering real bargains in any shopping mall now. And I don’t want to get into an argument about product quality with anyone here! I always test the electronics in the shop to avoid disappointment. So far I’ve been satisfied for the price :)

  17. peter
    June 22nd, 2013 at 18:05 | #17

    My 2 Sen is that everything is about to go online in the future including grocery shopping. I already get my teabags delivered to my doorstep by youbeli.com and contrary to my previous belief it is actually economical for lightweight items as shipping is only RM6. The point is with the rental price of retail space in malls being 3? 4? 5? thou a month. What can people sell that will break even? And at a price point that will attract customers. I see a lot of little boutiques even in “thriving” hotspots like Gurney Plaza that are eerily devoid of patrons and wonder how they break even. Having said that , I was at the MR.DIY shop at Times Sq last week and had a real huge spending spree. I find that chain of stores to be the only one offering real bargains in any shopping mall now. And I don’t want to get into a twist about product quality with anyone here! I always test the electronics in the shop to avoid disappointment. So far I’ve been satisfied for the price

  18. Mr.WiFi
    June 23rd, 2013 at 10:04 | #18

    For sale:Powerful WiFi Booster Antenna with 10 Meter Cable. Great for residents of high rise condominiums to get Penang Free WiFi. Very long range of up to 4 Km to Access Point with Line of sight. Durable Weatherproof design for mounting outside on the balcony. 10 Meters of low signal loss cable for easy installation anywhere. Imported from overseas 1 Only with the largest antenna size available on the market at 13 Inches tall Can’t get this size locally, this antenna can receive over 10 WiFi access points when I install it on the balcony of my high rise apartment and it includes a Software CD for testing WiFi passwords. Plug this into a USB Port on your Notebook or Desktop and Get Free Internet Today :) Only RM 220 Inclusive of Pos Daftar. Just selling my extra unit as I’m using another identical 1 full-time for over a year and saving a huge amount of $$$$ Not paying for broadband. Contact xphang@ymail.com and send me a picture of your balcony view and I’ll give advice on whether this antenna is right for your individual environment . Thanks for the Great Blog PenangPropertyTalk :)

  19. Mr.WiFi
    June 23rd, 2013 at 10:06 | #19

    For sale:Powerful WiFi Booster Antenna with 10 Meter Cable. Great for residents of high rise condominiums to get Penang Free WiFi. Very long range of up to 4 Km to Access Point with Line of sight. Durable Weatherproof design for mounting outside on the balcony. 10 Meters of low signal loss cable for easy installation anywhere. Imported from overseas 1 Only with the largest antenna size available on the market at 13 Inches tall Can’t get this size locally, this antenna can receive over 10 WiFi access points when I install it on the balcony of my high rise apartment and it includes a Software CD for testing . Plug this into a USB Port on your Notebook or Desktop and Get Free Internet Today Only RM 220 Inclusive of Pos Daftar. Just selling my extra unit as I’m using another identical 1 full-time for over a year and saving a huge amount of Not paying for broadband. Contact xphang@ymail.com and send me a picture of your balcony view and I’ll give advice on whether this antenna is right for your individual environment . Thanks for the Great Blog PenangPropertyTalk

  20. Expat
    June 29th, 2013 at 22:56 | #20

    So phase 3 to 5 to be fast tracked and be done at the same time??? Hmmm sounds like they can see the Penang property crash coming and want to sell out the final phases and finish the development before it all come tumbling down. A lot of late comers will be bankrupt in the next couple of years…

  21. Mr. Kang
    July 22nd, 2013 at 12:47 | #21

    LOL, why commence on phase 3 when phase 1 and 2 is already failures? LOL

  22. Jamie
    October 19th, 2013 at 19:59 | #22

    @Mr. Kang
    My company have 40 Japanese families moved in year 2013.renting out rm 2800.if the mall work out great is just a bonus..need not bother other comments pinpointing mall too much.

  23. Truth
    October 19th, 2013 at 21:02 | #23

    What is 40 compare to over 300 units for Birch Regency and The Wave 312
    units.

  24. Jamie
    November 3rd, 2013 at 13:02 | #24

    From a single company:) n what I m getting.next two years free interest with dividend.just hope price will not dip then

  25. Sew
    October 19th, 2014 at 21:08 | #25

    @Jamie
    I have a unit on 23rd floor in Birch Plaza for rental. Fully furnished with air con in all rooms, kitchen cabinets, water heater etc. Beautiful view and nicely decorated.
    Jamie, is your company looking for another apartment? Pls contact me – 0165511356. You won’t be disappointed.
    Hope to hear from you :)

  1. August 2nd, 2017 at 13:24 | #1
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