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


  1. Yeoh
    May 29th, 2023 at 18:41 | #1

    What is the plan for this land? Is this still belong to Ivory?

  2. millionhair
    May 30th, 2023 at 01:20 | #2


    Phase 2 of Pasar Malam

  3. Yeoh
    May 30th, 2023 at 14:52 | #3

    Yes. Looking forward on that if got phase 2 pasar malam.
    One side for Halal food & this side for Non halal Chinese pasar malam.

    May 31st, 2023 at 12:53 | #4

    iworry not financially troubled? still got money buy land ah?

  5. jack
    May 31st, 2023 at 14:30 | #5

    They probably got “balance transfer” liao

  6. KC Chan
    May 31st, 2023 at 20:17 | #6

    I prefer capital land take up & upgrade Queensbay mall to become biggest mall in Penang. It’s a good link up if happen.
    If this land fall under Iworry then definitely wait for another 20 years.

  7. millionhair
    May 31st, 2023 at 20:29 | #7

    Yeoh :
    Yes. Looking forward on that if got phase 2 pasar malam.
    One side for Halal food & this side for Non halal Chinese pasar malam.

    Yes Yes :)
    That would be great

  8. KC Chan
    June 5th, 2023 at 22:40 | #8

    I hear Iworry already sold the land Infront of QB.
    Anyone know which developer bought the land?

  9. LL
    June 6th, 2023 at 12:29 | #9

    I hope this is sold to AsiaGreen which is the best developer so they can continue to build premium yet affordable homes for all

  10. CP
    June 6th, 2023 at 13:03 | #10

    Why not capital land take this up & build a new extended new wing of mall with Hotel on top of it. It’s going to be interesting.

  11. Islander
    June 7th, 2023 at 09:48 | #11

    @KC Chan

    Biggest mall provided no car illegal parking at side for illegal pasar malam and night rempit.

  12. MD Yusof
    June 8th, 2023 at 09:39 | #12

    Go go Asia Greed

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