BY DAVID TAN
Amid a tough economic environment, Ivory undertakes new projects in line with long-term prospects of the property market in Penang.
Artist's impression of Tropicana Bay Residences at night.
IVORY Properties Bhd is undertaking over RM2bil worth of residential and commercial projects this year, in view of the long-term prospects of the property market on the island.
These projects are the first phase of Penang WorldCity (PWC) called Tropicana Bay Residences (RM933.4mil in GDV), The Central (RM670.9mil) and The Wave (RM611mil).
The Tropicana Bay Residences comprises 1,343 upmarket condominiums, expected to be ready in 2018.
A residence at The Wave.
The Wave, comprising 312 service suites, is located at the RM2bil Penang Times Square mixed-development scheme which will have a mall, a cineplex and other lifestyle amenities.
The Central, which is the fourth phase of Penang Times Square (PTS) comprising service suites, mall and hotel, is being planned now and is expected to be launched at the end of this year.
Upon completion, the mall spanning from Phase 1 to Phase 4 of PTS with over a million sq ft space will become one of the biggest malls in the heart of George Town.
Artist impression of The Wave project at Penang Times Square.
Group chief executive officer Datuk Low Eng Hock says commercial properties in an integrated scheme can always be leased out to generate long-term recurring income, especially if the integrated project is in a strategic and prime location, in proximity to well-connected public transportation services and facilities.
“This is why the units tend to sell better, especially if the commercial project is within an integrated scheme,” he says.
Because commercial properties are still popular, Low says Ivory is planning for The Wave and The Central service suite projects in the RM2bil PTS mixed-development scheme, which will have a mall, a cineplex and other lifestyle amenities.
“About 80% of The Wave have been sold with units priced from RM1.3mil.
“The project bagged the Asia Pacific Property Awards under the Highly Commended for Best Residential High- Rise Architecture Malaysia category in 2014 for its extraordinary exterior, where elegant sun protection stripes sync rhythmically and aesthetically over the glazed glass façade creating the impression that waves are riding over the building,” Low explains.
Bask in The Central's facilities.
The Central is being planned with resort-style amenities and facilities that reflect the luxury-meets-business concept, featuring the finest finishes and fittings as well as unforgettable view.
“It is set to become a new landmark in George Town with its sleek architecture and design.
“With different local attractions, including a necklace of nearby heritage sites, it certainly makes an ideal residence for those who yearn for modern living that is also steep in the riches of yesterday’s history,” Low notes.
Ivory offers well-planned development in strategic locations to suit the needs of different segments of buyers.
“PTS is in the central business district, which is suitable for those who yearn for fast-paced city life.
“It is close to government and private offices, schools, financial institutions, retail outlets, tourist spots and also the renowned George Town Unesco World Heritage Site,” he adds.
Artist impression of The Central.
With emphasis on the importance of location, Low points out that the PWC in Bayan Mutiara is poised to be an international township offering numerous amenities similar to that of a central business district.
“Executives staying at Tropicana Bay Residences would only need to travel a short distance to the Free Industrial Zone and the nearby factories to work; not forgetting the Penang International Airport nearby.
“There are also shopping malls and supermarkets a stone’s throw away. Another attraction of the project would be the convenience of connectivity with the Penang Bridge as well as the Sultan Abdul Halim Mu’adzam Shah Bridge.
“There are also in the vicinity public and international schools such as Fairview International School, SJK (C) Kwang Hwa Sungai Nibong and Sekolah Kebangsaan Sungai Nibong, to name a few,” Low says.
The Tropicana Bay Residences units are designed with a variety of sizes to suit individual and family dwellings.
As a bonus to the strategic location of these projects, Low believes the integrated transport system outlined in the Penang Transport Master Plan should benefit PTS and the Penang WorldCity projects as they will have easy access to the various proposed transportation components for George Town and Bayan Lepas.
“As the LRT line is planned to run to Bayan Lepas, Tropicana Bay Residences will stand to benefit as the project is located close to the airport, the Penang Bridge, and the Second Penang Bridge,” he adds.
View of the pool side from above.
The units have built-up ranging from 455 sq ft to 1,945 sq ft and are priced from RM453,900 to RM1,663,900.
Due to its strategic location and attractive pricing, almost 90% of its 1,343 units have been sold.
Low is confident of the long-term prospects of the property market in Penang due to the state government’s commitment to implement the light rail transit (LRT) system in the PTMP.
“Given that land is scarce on the island, we are confident that the value of properties on the island will remain stable in the long term.
“Penang is still an interesting place as one of the preferred locations for buyers and investors for its heritage charm, the upcoming transport plan and several infrastructure projects,” he adds.
Ivory has built over 5,000 homes and commercial units in Penang. Its principal activities are investment holding and provision of management and marketing services while its subsidiaries are principally involved in property development and related supporting services, tenancy management and operations of food and beverage outlets.
