Ivory to buy Copthorne Orchid Hotel

A photographer on the 40th floor of The Cove condominiums block with the 20-storey Copthorne Orchid Hotel below. - Filepic

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 company 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 RM410mil.

“IUSB will be submitting the proposed development plans to the relevant authorities for approval. Therefore, it is too preliminary at this stage to ascertain the total development cost and expected profits to be derived from the proposed development, ” it said.

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