KUALA LUMPUR: Ivory Properties Group Bhd plans to build residential condominiums and commercial complex with a with an estimated gross development value (GDV) of RM368 million on a proposed site in Tanjong Tokong, Penang island

Ivory said on Wednesday, Sept 15 this project followed its proposal to acquire an additional 847,059 shares representing 94.12% of Tanjong Tokong Garden Development Sdn Bhd (TTGD) for RM37.64 million.

Ivory said it currently owns 52,941 shares or about 5.88% in TTGD. The 94.12% stake would be acquired from the shareholders of TTGD.

TTG, it said, was the registered and beneficial owner of all several pieces of land in Bandar Tanjong Tokong. The land was about 600 ft from the main road and opposite Island Plaza shopping complex.

“The land offers a high potential development in light of its strategic location with roads and other infrastructure in place,” it said.

Ivory said it intended to develop the land under a proposed project named “City Mall” consisting of approximately 175 units residential condominiums and commercial shopping complex with an estimated GDV of RM368 million and estimated gross development cost of RM173 million.

“The expected profit before tax to be derived from the development is RM154 million,” it said.

Ivory added that it had submitted plans to the relevant authority to develop the land and application for planning permission has been approved by the relevant authority.

The proposed development is expected to start in 2011 and complete in 2014.

SOURCE: The Edge Property