KUCHING: Penang-based property developer Ivory Properties Group Bhd (Ivory) has entered into a purchase and development agreement (PDA) with Penang Development Corporation (PDC) and Ikano Pte Ltd (Ikano) for development in Batu Kawan.
The company in a press release yesterday said its 49 per cent investment company Aspen Vision Land Sdn Bhd (AVLSB) has entered into the PDA with PDC to acquire 245-acre of freehold land in Bandar Cassia, Batu Kawan, where most of the land is earmarked for mixed development comprising residential and commercial properties.
Ivory noted that AVLSB is a special purpose vehicle formed by Ivory with Aspen Vision Development Sdn Bhd owning the remaining 51 per cent stake.
At the same time, Ivory said AVLSB has also firmed up a partnership with Ikano to jointly develop a state-of-the-art integrated regional shopping centre with an IKEA store as an anchor tenant.
The signing of the agreement was witnessed by Penang Chief Minister Lim Guan Eng at a hotel in the island state while AVLSB was represented by Aspen Group chief executive officer Datuk Murly Manokharan and Aspen Group chairman and executive director Datuk Seri Nazir Ariff.
Ikano was represented by its managing director Christian Rojkjaer and corporate affairs general manager A. L. Parimalam while PDC was represented by its general manager Datuk Rosli Jaafar.
The company said Ivory was represented by its group chief executive officer Datuk Low Eng Hock and chief operating officer Goh Chin Heng.
Meanwhile, Ivory pointed out that the development in Batu Kawan will feature an ambitious mixed residential and commercial development project which is strategically located near the landing point of the Sultan Abdul Halim Mu’adzam Shah Bridge in Batu Kawan.
The company noted that the project, undertaken in a joint venture partnership with Ikano, comprises a regional integrated shopping centre and the first IKEA store in the northern region of Malaysia managed by Ikano. The package also include mixed development of residences, offices, a medical facility, a 20-acre central park, an international school, retail outlets and an integrated central transportation hub for Seberang Prai.
Ivory said it is proud to be part of an initiative for the development of a new township in Batu Kawan, mainland Penang.
Furthermore, the property developer envisions Batu Kawan and Penang island to be akin to the case of Tsim Sha Tsui and Hong Kong Island in years to come through the link of Sultan Abdul Halim Mu’adzam Shah Bridge, making Batu Kawan the next new satellite city on the mainland.
With an estimated gross development value of RM8 billion, Ivory believed that the entire development is scheduled for completion over a period of 10 years from its commencement date.
The property developer noted that focus will be placed on building commercial properties in the first phase to create a solid foundation for a thriving business hub before the mixed development project will be constructed under the second phase.