Penang-based property developer, Ivory Properties Group Bhd has acquired two pieces of adjoining land in Penang worth of RM142.79 mil to develop commercial space and service apartments.
In a recent Bursa Malaysia filing, the company said the 19,800-sq-metre freehold land was located strategically in the established neighbourhood of Bayan Lepas directly opposite Queensbay Mall, the largest shopping mall in the state.
Ivory Properties also noted that its board was optimistic about the demand for the products to be developed on the land given the strategic location.
It said the land was zoned largely for commercial use and was currently used as car park space under tenancy.
The proposed acquisitions are expected to be funded by a combination of internally generated funds and external borrowings.
“Based on preliminary discussions, the indicative funding from internally generated funds is 30% while indicative funding from borrowings is 70%,” the company said.