Hi all. I’m have bought a unit from Ivory (One of the Ivory’s project at Georgetown) at year 2012 and s&p date at 2013. Until today 2022 I still cannot get my key. When I call up to Ivory and no one can give a proper answer. Try to imagine I’m wasting my 10 years time and so much of bank interest. It is always important to purchase your property from a responsible developer. I’m not to gossip or worsen any developer but I’m sharing my real hard felling here. It is because purchase a property is one of the big deal in our life.

lim, no point to state here as there is no details information about ur purchase project. Ppl will assume u cari pasal without fact

@lim
I fully understand your feeling & know about your mentioned project. I definitely agree what you said. Unfortunately, i can tell you do prepare as it could be another year without key collection i guess. That’s no any construction works begin since MCO until today also. It may continue soon or later but don’t think can be completed this year even though developer did mention this year.
It’s important to pick the right developer. And Penang world city project already screw up as land selling piece by piece to other developer to handle. Overall plan already mess & sales are handled by other developer or sales team too.

Wasnt this piece of land given to Zenith initially by our state gov as a reward for some work (only god knows what work as nothing can be seen!!) done?

@yong
Hi Yong. I believe all reader will agree and understand the character from IVORY. Furthermore the building is now standing at Georgetown without any work progress, it should be a strong fact. A unresponsive developer keep delay and delay and all purchasers need to pay the interest every month. We as a customer and have a right to know what happen to your project but unfortunately IVORY they cannot give a proper answer. That is why we need to purchasing property from a good and responsible developer. Don’t invest your hard earn money on wrong person!

@lim
Kau pe Kau bo for what?? Claim LAD from developer loh. By the SPA, when should the developer deliver VP to you at the latest, before they are liable to pay you LAD?

furthermore, LAD rate is 10% of purchase price, definitely much higher than your finance cost, and that should help you recoup some money from this overpriced property. So, don’t complain lah kanina!

Sound like person from developer. Some more got bad word. This is open discussions, everyone have a right to sound out. Im just talking the true and pls don’t used violent. Don’t act like gangster!

@koyak
Koyak, you are from Ivory is it? why so defensive of Ivory? Any how, we all know how “good” is Ivory as a developer.. they have screw Penang ppl a lot of time with their subpar development. Those who are interested in this project, do some research on Ivory before commit anything… I am sure 99% of you guys will no longer interested after done proper research.

If you want to buy from that area, get something like The Tamarind or Straits Residence there.. It is much better in term of quality.

Ivory=I worry

Ya, Ivory’s Times Square is really koyak! I still remember just a few years back when the whole mall there was filled with ALL MBI scam shops, it was practically a scam mall, with our local council turning a blind eye. Ivory also shared same office space with MBI. Are the scammers making a come back here?

The whole MBI collapse already. And it’s good for every to avoid from those scamers.Times square now back into peaceful rather than flooding with scamer & people from who invest into scheme. It’s more on residential now. I believed the reason of developer delay the project was due to cash flow issue. And don’t forget phase 3 commercial space belong to developer also. If they couldn’t get tenant then they have to delay again due to poor cash flow & not making money for commercial space & still balance unit unsold for condo. Developer is not good in managing commercial lot & city junction is good example also.

come buy come buy Crown
u can wear the crown later

The whole of City Junction was sold to BoonSiew family many years ago. Just so you’re updated.

@Wave

@MeNotStupid
which developer do you work for? lol. so many purchasers have earned money from their products in the past. are u mad for missing out?

@Prof Jong
Unfortunately when the whole building has already been sold to third party, not even the developer can control what goes into the building anymore

@Wave
To be honest, the residential products especially those in Batu Ferringhi are great. Only weakness is the commercial properties that are already sold to someone else that may not do anything with those properties.

if compare to the meg, crown price per square feet more expensive ah. better go for ENO than IVORY. but i no money to pay for the meg downpayment

The Meg cannot use to do BnB lar…..it is service residence so for sure the resident there will object kao kao. Also the Meg is fully furnish….so the rental market going to be bloodbath fight.

for Ivory…..really ‘I Worry’ better run far far…

@andyyy

Ei Ello!

@andyyy

“I worry” itself is definitely not in good shape, but the fact that it is a public company, so I guess it will be around for quite some time. Their recent purchase of copthorn hotel in Tanjung Bunga for re-development also re-affirms their intention to keep things going. And you are absolutely right about the Meg, fully furnished units = rental bloodbath, especially when the entry barrier is low at RM700k+/-??, making it affordable to TomDickHarry, although psf -wise, it’s definitely not cheap.

This Ivory is really scums of developers. They yet to get approval from MBPP but already started to take deposit for this project and already in legal violation. I just found out when I plan to put in deposit and luckily checked with my bro in law who is working in MBPP before putting deposit. I advice those who already deposit to demand money back first or at least do your own diligent and asked them to proof that they have the approval from MBPP ( WHICH I GUARANTEE 100% don’t have yet atm). Please check properly before putting in your deposit

@PenangPlayBoy
Developer has very bad cash flow. And even The Wave hanging around for many years. The project stopped since MCO until now still stop. And no respond from developer also even people try to ask when is VP. And initial mentioned was mid of 2022. But i can guarantee if you able to receive the house by year 2023 already very lucky. And building structural itself also keep on aging as no intention to start work anytime soon by developer. Material cost all increase & no money. And even the tenant of work space also unknown. Now they are probably trying to get some cash flow from The Crown. And looking at Queens bay mall front land also up selling for RM700/psf. I worry.

@I worry.
This is sad. I was really thinking of buying it due to the location but looking at the developer’s practice and history, it is better to stay away from this project. Only fools will buy this project. A developer that associate themselves with one of the biggest Ponzi scheme in Penang, better run away from them

PenangPlayBoy :
@I worry.
This is sad. I was really thinking of buying it due to the location but looking at the developer’s practice and history, it is better to stay away from this project. Only fools will buy this project. A developer that associate themselves with one of the biggest Ponzi scheme in Penang, better run away from them

So what u plan to buy?

@ThePotato
Basically if you look for that area, you don’t need to rush into purchase if no urgent. That’s plenty of project upnext in Andaman. Just wait for a suitable project & go later.

@ThePotato
Looking at The Tamarind or Straits Residence but both are quite expensive. For The Tamarind, those with nice view already gone or pricing is quite high price. Straits Residence is a bit over budget for me and only max 2 rooms while I personally prefer 3 rooms.

They are under PN17 alert under Bursa – are they still allowed to sell whilst they are under this red flag by the authorities? Latest news widely shared – one of their key subsidiary has defaulted payment of a huge loan with Maybank.
Experience of an ivory property buyer – watch out for their developed properties, they are ridden with shady management deals and leave you without proper property management services. Terrible standards of maintenance and poor shoddy upkeep is rampant.
Strata titles of their properties are mostly delayed even after 5 years, mine including – this is prevalent among their developed properties.

The only 2 ways of access road are
1) within Jalan seri tanjung pinang in which the illegal road side parking is already pain in the ass
2) via borr ring. High traffic flow already somemore squeeze in developement project? Highway is to ease traffic condition. Not added in stress to road user towards tg bgh n batu feringghi. The Jln tg tk jam is ugly already.

@Wbuy
Ya, isn’t it ironic that no matter how many new roads you build, like the new Jalan seri tanjung pinang 1 and BORR, it will always end up getting jammed as our MBPP really doesn’t have a clue how to connect intersections in a smart way, only know how to add more traffic lights only. Hopeless.

@Fong
Take action on illegal parking, then traffic jam issues in many places will be solved.

@Wbuy
LOL, at this age, still looking at Airbnb as investment? Anyway, buying from Ivory is A BIG RISK. Their previous so called “successful” project was during the property Boom where even a small fry unknown developer can be successful. Now with the current situation, this Ivory can’t sustain, so I won’t buy from them at all

@Huh
Dude, you better do your own homework. There are so many Airbnb owners that are desperately want to offload their properties.. it is basically an oversupply industry now in Malaysia and other part of the world as well. Airbnb as a whole is of course doing well as they are just a platform without any risk in owning the properties while this risk fall entirely to the property’s owner. I was surprise to see you try to use Airbnb company’s success as a comparison, really blown my mind.. Do let me know what you are smoking? I want that too. LOL.
On the side note, to make it easier for your understanding, I was actually commenting on the part where you claim on the other commenter ignorance of Ivory’s past previous successful project which is true as most of their previous successful project was done DURING property BOOM where any tom, dick or harry developer can be successful DURING that time, So now Ivory is dying along with those small fry developers due to the economy’s correction with their mismanagement and subpar development. Yes, all the stock prices of developers are not doing great due to current economy situation but not as bad as Ivory. Enlighten me again which other BIG developers that are currently under PN17 and have defaulted their loans ?

@PenangPlayBoy

He’s right. tropicana 218 and straits garden are doing so well with their airbnb. their value increased so much over the years

@PenangPlayBoy
If you’re not happy, just get back the deposit. Simple as that.

richard :
@PenangPlayBoy
If you’re not happy, just get back the deposit. Simple as that.

Ok Fine
I get back Deposit