Ivory Properties to purchase Penang's Copthorne Orchid Hotel for RM75mil

Copthorne Orchid Hotel & Resort Penang will be redeveloped.

KUALA LUMPUR: Ivory Properties Group Bhd has entered into a sale and purchase agreement for the acquisition of Copthorne Orchid Hotel & Resort Penang for RM75mil cash.

In a filing with Bursa Malaysia, the group said it had purchased the property on behalf of its subsidiary Ivory Utilities Sdn Bhd (IUSB), for the development of a hotel and serviced apartment with an estimated gross development value of about RM410mil.