City Residence
KUALA LUMPUR: Ivory Properties Group Bhd
plans to undertake a joint-venture (JV) mixed development comprising residential and commercial components on 3,351 sq m in Petaling, Kuala Lumpur.
In a filing with Bursa Malaysia on Friday, the Penang-based property developer said its unit Ivory Times Square Sdn Bhd had signed a JV agreement with the landowner, LLK Properties Sdn Bhd, and its three directors (acting as guarantors) which gave it exclusive rights to develop the land at its own cost.
LLK will be entitled to 27% of the total value of all the units of the development.
“The joint venture is in line with the group’s strategic planning of expanding its reach outside of the Penang state and securing partnerships with strategically placed land bank for development,” Ivory said.
StarBiz reported that Ivory would carry out RM1.8bil worth of projects on Penang island this year, including the first phase of Penang WorldCity called Tropicana Bay Residences with a gross development value of RM933mil and City Mall & City Residence (RM313mil).
Ivory shares closed unchanged at 44.5 sen on Friday, with 384,500 shares changing hands.
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