PETALING JAYA: Four out of six towers in the first phase of Tropicana Corp Bhd’s joint venture project with Ivory Properties Group Bhd, Penang Worldcity in Penang have sold 85% since the preview in Febuary.
Named Tropicana Bay Residences, the first phase of the waterfront integrated development has a gross development value (GDV) in excess of RM835 million. The project will be developed by Tropicana Ivory Sdn Bhd, a JV company between the property groups.
During the official ground breaking ceremony on Wednesday at Penang WorldCity sales gallery at Bayan Mutiara, Penang, Tan Sri Danny Tan Chee Sing, founder and group executive vice-chairman of Tropicana said the company is encouraged by the response.
Datuk Low Eng Hock, CEO of Ivory, said the ground breaking ceremony marks the creation of an amazing history in Penang.
“There is a lot of work [construction] to do and we are still on a mission to set a new benchmark in urban living as well as provide comfortable luxury green homes for our first batch of privileged buyers,” he said adding that the target market is young local and expatriate urban professionals, second home buyers as well holiday home seekers.
Penang WorldCity is a 102.6 acre (42ha) freehold integrated waterfront development worth a GDV of RM10 billion. Penang WorldCity will be developed over an eight to 10 year period. Construction of the first phase is expected to begin in 2013 and is slated for completion in 2017.
The development comprises residential towers, office blocks, recreational and retail outlets, a wellness centre, an international hotel as well as an international school. The waterfront city is located at the gateway of Penang Island, right off the iconic Penang Bridge, in the vicinity of the eastern part of the Tun Dr Lim Chong Eu Expressway (formerly known as Bayan Lepas Expressway) and Sungai Nibong.
The units in Tropicana Bay Residences are between 455 sq ft to 1,950 sq ft priced at RM850 per sq ft. Facilities include an overhanging pool, children’s playground, tennis, squash and badminton courts, multipurpose halls, a gym as well as a foot reflexology and jogging path.
Jagdeep Singh Deo, state executive counselor for Town and Country Planning and Housing, Tan and Low performed the gound breaking. Also present was Datuk Yau Kok Seng, group CEO of Tropicana, Datuk Dickson Tan, group managing director of Tropicana and Datuk Andy Khoo, managing director of Tropicana Ivory Sdn Bhd.
Ivory was established in 1999 and has a strong presence in north Malaysia. Its project portfolio includes medium- to high-end apartments, luxury condominiums, semi-detached houses and bungalows, boutique gated communities, retail and commercial lots.
Tropicana has been listed on the Main market of Bursa Malaysia since 1992 and is involved in a variety of businesses including property and resort development, property investment, manufacturing, land trading and investment holding.
A week ago, the group announced its collaboration with Marriott International Inc to develop the 200-room Courtyard by Marriott (with a GDV of about RM150 million) in Tropicana 218 Macalister.
This article first appeared in The Edge Financial Daily, on November 29, 2013.
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