Ivory Properties Group Bhd has acquired two pieces of adjoining land in Penang for RM142.79 million, where it aims to develop commercial space and service apartments.
The Penang-headquartered property developer said the 19,800 sq m/4.89 acres freehold land is located strategically in the established neighbourhood of Bayan Lepas directly opposite Queensbay Mall, the largest shopping mall in the state. Ivory Properties said its board was optimistic about demand for the products to be developed on the land given the strategic location. It said the land was zoned largely for commercial use and was currently used as car park space managed by Secure Parking Sdn Bhd under tenancy.
Lot no: Lot 15737, Lot 15738 both located within Mukim 12, District of Barat Daya, State of Penang
Land area: 4.89–acre
Category of Land Use: Building (commercial)
Land Price: RM142.79 mil (RM670 psf)
Date of transaction: 20 June 2020
Vendor:August Line Sdn Bhd (Lot 15737), C P Landmark Sdn Bhd (Lot 15738)
Purchaser:Ivory Utilities Sdn Bhd
Note: Market Value of the land as appraised by Henry Butcher Malaysia on 29 June 2020 is RM138.50 mil (RM650 psf).