KUALA LUMPUR: Ivory Residence Sdn Bhd has partnered JB Lee Properties Sdn Bhd to develop residential and commercial properties in Mukim Plentong, Johor Bahru with a gross development value of RM2bil.
In a statement to Bursa Malaysia on Thursday, Ivory Residence, a unit of Ivory Properties Group Bhd
said the estimated 8.9-acre area is currently a freehold agriculture land which will be converted and re-zoned for use as a mixed development of residential and commercial properties.
It said Ivory Residence will be responsible for the development of the property covering construction and building works in accordance.
It said the projets will be funded through internally generated funds or bank borrowings, and is not expected to impact the group's net gearing.
However, the gearing of Ivory might be impacted by any successful arrangement of financing for the project.
The development is in line with the Ivory's strategic planning of expanding its reach outside of the Penang state, and securing partnerships with strategically placed land bank for development.
The project is expected to be complete by the year 2020.
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