Reclamation work: Ivory awaits nod
IVORY Properties Group Bhd is hoping to obtain the approvals by year-end for the reclamation of some 24.6ha for its RM10 billion Penang World City (PWC) project.
Chief operating officer Goh Chin Heng said only once the green light was obtained could the tender be put out for reclamation contractors.
“The initial technical issues affecting the approval have been addressed and we hope to get the green light from the state authorities in three to six months,” he said after its annual general meeting, here, yesterday.
Goh said the reclamation job was expected to take off by the middle of next year, and that contractors familiar with the jobs in Malacca, Johor and abroad would be invited to bid.
It was previously reported that requests for proposal for the reclamation were called off as the approvals were not obtained in time. and gender equality, from the boardroom to the marketplace.
“(So far, women) participation (rate looks) good and encouraging,” said Tajuddin at a curtain-raiser event, here, yesterday.
Also present was the New Straits Times Press CEO Datuk Mohammad Azlan Abdullah.
To be held on September 8, the Bursa Bull Charge capital market Ivory Properties Group chief executive officer (left) and chief operating officer after the company’s annual general meeting yesterday.
PENANG WORLD CITY: Firm hopeful of securing approvals by year-end
Penang World City is a RM10 billion master plan waterfront mixed development project sprawling over 51ha, half of which would be on reclaimed land.
It would be carried out by Ivory and Tropicana Corp Bhd via a jointventure company, Tropicana Ivory Sdn Bhd.
Goh said an estimated RM200 million had been earmarked for the proposed reclamation at Bayan Mutiara, where PWC is sited.
“We hope to start by reclaiming between 8ha and 12ha,” he added.
Ivory group chief executive officer Datuk Low Eng Hock said one of its upcoming projects would be the development of a 2.4ha plot at Batu charity run is expected to raise some RM1.8 million to be channelled to charitable organisations.
The charity run, themed “The Day the Marketplace Runs for Others”, is part of the stock exchange’s initiative towards building financial literacy and entrepreneurship, especially among young executives.
Media Prima Bhd is the official media partner for the event. Ferringhi by the middle of next year.
The group holds more than 40ha with over RM12 billion in gross development value.
The undeveloped landbank includes the Bayan Mutiara land for the PWC development.
“It has been a busy and fruitful year for us as works to complete two projects are ahead of schedule,” said Low, referring to The City Residence in Tanjung Tokong and Tropicana Bay Residences at PWC.
“We want to complete The City Residence by year-end and targeting completion for Tropicana Bay Residences during the first half of next year,” he added.
The Gaur Sponsor is Bank Kerjasama Rakyat Malaysia Bhd.
The Buffalo Sponsors are Feruni Ceramiche Sdn Bhd and Nova Fusion Sdn Bhd while the Ongole Sponsors are Agrobank, Colors Addiction Sdn Bhd, Bank Pembangunan (M) Bhd, IJM Corp Bhd, MyEG Services Bhd, Pestech International Bhd and Tenaga Nasional Bhd.