Ivory Properties Group Berhad announces that its wholly-owned subsidiary, Ivory Gleneary Sdn. Bhd. had on 8 December 2023 entered into a binding term sheet with Chin Hin Group Property Berhad for the proposed disposal of a plot of freehold land in Penang.
The land measuring approximately 1.218 acres within an existing project known as Penang Times Square is being held under a master title in Bandar George Town and will be sold for RM40 million.
Ivory said Chin Hin Group plans to develop the land into a multi-storey serviced residence and has agreed that a company within the Ivory group of companies be appointed as the turnkey builder for the development.
The deal will also grant Ivory an irrevocable exclusive right, allowing one of its subsidiary companies to subscribe to up to 20% of the ordinary share capital of the purchaser on the unconditional date subject to the terms and conditions of the Exclusive Right Agreement.