Ivory Properties to build RM1.2b Sitiawan project next year
GEORGE TOWN: Ivory Properties Group Bhd (IPGB) will start construction of its RM1.2bil Sitiawan Square project in 2019.
Group chief executive officer Datuk Low Eng Hock told StarBiz after an EGM that the project was in line with the group’s business plans to strengthen its land bank inventory with mixed-development projects.
At the EGM, the shareholders approved the acquisition of the 64-acre land in Sitiawan which would be used for the Sitiawan Square scheme development.
“Among the components of Sitiawan Square are strata-titled shops, departmental store, supermarket, Cineplex, semi-detached shops, hotels and commercial buildings.
“The immediate surrounding is a vibrant western corridor of Manjung, which is rapidly being converted to tourism use, commercial or housing developments.
“The project will take seven years to complete,” Low said.
The scheme is located within the prime area of Seri Manjung, approximately 6.5 km and 5.0 km to the south-east and south-west of Lumut and Sitiawan Town Centres respectively.
“It will also house a tourist centre for those who wish to find out more about the rich history of this quintessential town,” Low said.
According to Low, Sitiawan Square will serve as a new tourism hub as it is strategically located in central Perak, Dataran Sitiawan.
Low added that the West Coast Expressway linking Perak to Selangor is as well as the duty free status of the nearby Pulau Pangkor will attract more vibrancy to the town.
The land is sited along the north-western side of Jalan Iskandar Shah and adjacent to the south western side of the intersections of Lumut-Sitiawan-Pantai Remis main road of Perak.
It is accessible either from Kuala Lumpur or Ipoh City Centre via the exits at the Ipoh Utara Toll Plaza or Changkat Jering Toll Plaza from the North-South Highway.
The group is constructing the third phase of Penang Times Square (The Wave) at a GDV of RM508mil which is scheduled to be completed in 2020.
It has three upcoming projects in the Klang Valley namely Grand Connaught in Cheras, Avenue 8 Residence in Sungai Besi and The Millennium in Batu Uban.
The three projects has a RM2bil GDV and works are expected to commence this year.