GEORGE TOWN: Tropicana Ivory Sdn Bhd (TISB) will start reclamation works on 61 acres for its Penang World City (PWC) project, which is currently sitting on an existing 65 acre in Bayan Mutiara.
Ivory Properties Group Bhd (IPGB) chief operating officer Goh Chin Heng estimated they will get the approval for reclamation from the local authorities in three to six months.
“We should start reclamation works in mid-2017. This is estimated to cost about RM200mil, based on today’s reclamation cost which is between RM70-RM80 per sq ft,” Goh spoke after IPGB’s AGM.
TISB is a joint venture company set up with Tropicana Corp Bhd, who holds a 55% stake and Ivory Properties, 45%.
Goh said the group would start reclamation works on 20 acres to 30 acres.
“We want to complete the reclamation works for the entire 61 acres in three to five years,” he added.
In mid-2017, Goh said the group would launch another phase of condominiums with over RM1bil GDV for PWC.
PWC’s first condominium was launched three years ago and is now 90% sold.
“There is a plan to develop about RM5bil to RM6bil worth of projects for the 65-acre site over the next five to six years.
“When the reclaimed land is ready, we will develop another RM6bil of projects,” Goh added.
On IPGB, group chief executive officer Datuk Low Eng Hock said the group would undertake with LLK Properties Sdn Bhd to develop a RM220mil mixed-development project in Kuala Lumpur.
“The project will comprise residential and commercial components,” Low said, adding that the agreement with LLK was signed recently.
Low added that the group would develop in mid-2017 a RM300mil condominium project on six acres in Batu Ferringhi, on the island.
The group currently has 100 acres with an estimated GDV exceeding RM12bil, including land located in Bayan Mutiara for the PWC development.