IVORY Properties Group Bhd has received overwhelming response to its City Residence development in Tanjung Tokong, with only 10 per cent of its total 202 residential units available for sale.
The company’s group chief executive officer Datuk Low Eng Hock said local buyers made up the bulk of the investors, while the rest were from China, Hong Kong and the United Kingdom.
The project, which carries a gross development value of RM229.1 million has residential units, which range 1,250 sq ft to 1,850 sq ft, and are tagged from RM1,200 per sq ft.
The City Residence project is perched above Ivory Properties’ RM83.5 million City Mall project.
“We have sold off the commercial component to an investor who is also a very experienced mall operator,” Low said without divulging details, except to say that the new owner is poised to turn the mall into another “happening place for Penangites”.
He said the entire project is now 40 per cent completed and is expected to be ready by the middle of 2017.
Located in the heart of Tanjung Tokong and along one of the major roads accessed on the island, the project was master-planned as a development which offers a balance between life, work and play.
“Perhaps the most dramatic feature of the project,” Low noted, is that “the commercial area will be enhanced with a tropical-style interior design with appealing landscape elements, such as giant palm trees and water features”.
“Its open design also ensures abundant natural light, efficiency and flexibility in terms of design and fit-out as well as proper ventilation.”
He said the revenues generated from this project will be recognised over the progress of its development.
“The faster we progress, the sooner revenues and profits will be realised. In terms of social contributions, Ivory is poised to deliver yet another much anticipated and prestigious project on prime land in Penang,” Low added.
The company’s completed projects include developments such as Tanjung Park in Tanjung Bungah, Moonlight Bay along Batu Ferringgi, The Peak Residences at Mount Erskine, Aston Villa in Bukit Mertajam and University Place Condominium at Bukit Gambier.
Its upcoming projects include the mega sea fronting development project Penang World City at Bayan Mutiara, which is being developed by Tropicana Ivory Sdn Bhd, a joint-venture company where Dijaya Corp Bhd (now Tropicana Corp Bhd) holds a 55 per cent stake and Ivory the remaining 45 per cent.