Ivory wins Bayan Mutiara Development Project by PDC

Ivory Properties Group Berhad will develop the Bayan Mutiara mixed development project tendered out by the Penang Development Corp (PDC).

In a press release, its board of directors announced that the group had received and accepted the letter of acceptance from PDC on July 25.

“We received the letter for the proposal for purchase and development of 102.56 acres of land located in Bayan Mutiara of which 67.56acres are existing land and 35 acres are to be reclaimed for a proposed mixed development.

“The proposed project shall be subjected to the terms and conditions to be mutually agreed upon between the parties in an agreement to be entered into at a later date. Ivory will undertake to make the necessary announcements in due course.

Ivory Properties Group Berhad outbid SP Setia Bhd for the Bayan Mutiara Project

“None of the directors or substantial shareholders of Ivory or persons connected with them has any interest, whether direct or indirect in the proposed project,” the statement said.

It was earlier reported that Ivory and SP Setia Bhd were bidding for the Bayan Mutiara mixed-development project via a request for proposal, which set the reserved price at about RM200 per sq ft.

Ivory won the project as it had submitted a higher bid to develop the site.

In a recent talk at the ninth Star Property Fair 2011, investPenang executive committee chairman Datuk Lee Kah Choon said the Bayan Mutiara mixed-development project would see the building of offices, special medical facilities, commercial blocks, residential enclaves, retail and public spaces.

MrProperty: Finally we got a winner. It is time to see what Ivory is up to and how PDC to make use of the fund raised from this bidding to its future projects.

News Source: The Star

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