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Friday, November 11, 2011

Dijaya, Ivory in RM10b Penang property venture

DIJAYA CORPORATION BHD [] and Ivory PROPERTIES [] Group Bhd have signed a joint venture (JV) agreement to develop mixed residential and commercial properties in Penang with a gross development value (GDV) of RM10 billion.

In a joint statement on Friday, the two companies said the development will be completed over the next eight years and would comprise of residential, shopping mall, hotel, office suites, office towers, retail spaces and an open mall with a boulevard.

CONSTRUCTION [] of the first phase is scheduled to begin next year, they said.

Dijaya and Ivory said the land was located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway (formerly known as Bayan Lepas Expressway) and in the vicinity of Sungai Nibong.

It spans 102.65 acres, of which 76.56 acres are existing land and the remaining 35 acres are to be reclaimed, they said.

Ivory had received a letter of acceptance from the Penang Development Corporation (PDC) on July 25, to purchase and develop 102.56 acres of mixed development land in Bayan Mutiara, Penang for a purchase price of RM1.07 billion.

Under the joint venture, the two public listed companies have formed Tropicana Ivory Sdn Bhd, with Ivory Properties holding a 51% stake and Dijaya holding the remaining 49%.

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