GEORGE TOWN, 26 Aug 2016:
Tropicana Ivory Sdn Bhd (TISB), a joint-venture company between Tropicana Corp Bhd and Ivory Properties Group Bhd, will start the 24.7ha reclamation job for Penang WorldCity’s (PWC) integrated waterfront development project in Bayan Mutiara by mid-2017.
Ivory Properties Group’s chief operating officer Goh Chin Heng said the PWC project, currently sitting on 26ha in Bayan Mutiara, is expected to obtain the approval from the state authorities within the next three to six months.
He said the reclamation project was delayed due to some technical issues but it has now been resolved and the group would call for tenders from local as well as foreign contractors once approval is obtained.
“We should be able to begin the work on reclaiming another 24.7ha by mid-2017 and it is expected to cost about RM200 million,” he said after the group’s annual general meeting here today. Ivory Properties holds 45% stake in TISB and Tropicana Corp 55%.
Goh said the group plans to complete the reclamation job in three to five years after the approval is obtained.
He said the first phase of the condominium in PWC launched three years ago is now 90% sold.
The group hopes to launch another phase of the condominium with over RM1 billion in gross development value in the middle of 2017, he said.
“There is a plan to develop about RM5 billion to RM6 billion worth of projects for the existing 26ha over the next five to six years and when the reclaimed land is ready, we will develop the another RM6 billion of projects in PWC.”
Group chief executive officer Datuk Low Eng Hock said the group has signed an agreement with LLK Properties Sdn Bhd to develop a RM220 million mixed-development project in Kuala Lumpur.
He said the project, in Petaling, would omprise residential and commercial components.
Low said the group would develop a RM300 million condominium project on a 2.42ha in Batu Ferringhi in the middle of 2017.
The group currently holds over 40ha, including land in Bayan Mutiara, for the PWC development.