Ivory Properties sees huge jump in revenue next year

GEORGE TOWN:Ivory Properties Group Bhd
expects to see a huge jump in its revenue next year amid several
projects to be launched in the second half of this year and early 2013.
Its
executive director/chief operating officer, Murly Manokharan, said on
Tuesday next year would be exciting for Ivory with the Bayan Mutiara
development kicking in and also its position as a turnkey builder for
the project.
He said Ivory's balance sheet would be strengthened
in the second quarter this year following the acquisition of its
associate company, Ivory Villas Sdn Bhd, for RM40mil for the remaining 51% stake.
Ivory
will be launching five residential projects in the second half of this
year and early 2013 with a gross development value (GDV) of over
RM800mil. Among the projects are the phase three and four Penang Times
Square in Jalan Dato' Keramat with a GDV of RM300 million.
At a
press conference after the group's AGM, Murly said the first phase of
residential development in Bayan Mutiara would be launched year-end or
the first quarter of next year with a gross development value of
between RM700mil and RM800mil.
Other developments include the
Island Resort bungalow project in Batu Ferringhi with 22 exclusive
units ranging from 5,000 sq ft to 8,000 sq ft at a GDV value of between
RM20 million and RM25 million to be launched year-end. - Bernama