More Destruction?

http://www.btimes.com.my/Current_News/BTIMES/articles/20100806002148/Article/#ixzz0xsuWWxbG

IVORY Properties Group Bhd will buy a plot of land measuring 0.5ha in Bandar Batu Ferringhi, Penang, for RM25 million.

Ivory told Bursa Malaysia yesterday that it had entered into a conditional sale and purchase agreement with Lim Soon Hin and Lim Soon Vin for the purpose.

It plans to build 96 units of condominium with an estimated GDV of RM159 million on the land.



http://www.theedgeproperty.com/news-a-views/4302-ivory-prop-acquires-batu-ferringhi-land-for-rm25m.html

By E Jacqui Chan of theedgeproperty.com
Thursday, 05 August 2010 19:47

KUALA LUMPUR: Ivory Properties Group Berhad via its wholly owned subsidiary, Ivory Meadows Sdn Bhd is acquiring a 1.103-acre tract of land along Batu Ferringhi, Penang for RM25 million, it said on Thursday, Aug 5.

The group entered into a Sales and Purchase Agreement (SAP) with the two owners of the freehold land on Aug 5.

The land is earmarked for a residential project named The Edge, comprising 96 units of condominiums. The estimated gross development value is RM159 million with an estimated gross development cost of RM76 million.

Ivory Properties expects to bring in profits of RM58 million from this project. The development is expected to start next year and will be developed over a span of three years.

The SAP will be made available for inspection at Ivory Properties office at Suite 2-1, 2nd Floor, Menara Penang Garden, 42A Jalan Sultan Ahmad Shah 10050 Penang during normal working hours from Mondays to Fridays, except public holidays for a period of one week from the date of the announcement.