Ivory Properties gets green lights to buy land opposite Queensbay Mall


Ivory Properties Group Bhd (IPGB) said it has received the shareholders’ approval for the acquisition of two pieces of adjoining freehold land, totaling 1.98 hectares (ha), located opposite Penang Queensbay Mall.

The announcement was made following IPGB’s virtual Extraordinary General Meeting (EGM) today, in which shareholders and proxies participated in the meeting via live streaming, and voted in favour of the resolution.

In a statement, IPGB said the strategic purchase was in line with the company’s plan to expand its landbank in locations with growth potential and strengthen its foothold in the property market in Penang.

“The group’s landbank will increase to approximately 36.107ha from 33.99ha following the land purchase and thus provide it with greater sustainability to its future earnings,” it said.

IPGB chief executive officer Datuk Low Eng Hock said that there were big plans for the newly-acquired lands, which are considered to be one of southern Penang island’s prime land.

Low said the development plan would consist of commercial space and serviced apartments to complement the shopping demands of the increasing crowd in Penang.

“We foresee capital appreciation and rental yield in the serviced apartment which will suit the interest of young purchasers and investors,” he added.

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Source: Bernama


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