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Thursday, 23 November 2017

(The Star) Ivory Properties gets busy with plans for Grand Connaught in Kuala Lumpur

GEORGE TOWN: Ivory Properties Group Bhd targets to launch its RM1bil project Grand Connaught in Kuala Lumpur in the final quarter of 2018.

Group chief executive officer Datuk Low Eng Hock told StarBiz that the project, located on a 2ha site, comprised 800 condominium units.

The units, with built-up areas of 850 sq ft and 1,000sq ft, have prices ranging between RM700 per sq ft and RM1,000 per sq ft.

“Planning is now in progress for Grand Connaught.

“Its range of modern casual diners will ensure this is the go-to spot for social gatherings, business networkings, and retail therapy,” he said.

Low added that the residential towers would be on top of the retail space with bus-stops, LRT, and MRT stations in the vicinity.

“In the pipeline are projects in Sungai Besi with a RM250mil gross development value (GDV) and Batu Uban in Penang with a RM750mil GDV,” he added.

On a RM49.6mil project to rationalise sewage treatment plants at Taman Connaught, Low said the work would be executed by Ivory Residence Sdn Bhd (IRSB), the company’s wholly-owned subsidiary, in a joint-venture agreement with Grand Uptown Sdn Bhd (GUSB).

“IRSB will reroute sewage pipes from the existing facility to the bigger sewage treatment plant in Bandar Tun Razak.

“Work is expected to be completed in 2020,” he added.

“The rationalisation exercise was awarded by the Government to GUSB in exchange for the right to develop the land, which is slated for a mixed-development scheme,” he added.

According to Low, the company will continue to be well-attuned to the changing market conditions in order to stay profitable.

“While challenging market conditions are expected to persist, the group seeks to place greater emphasis on implementing innovative marketing strategies with attractive promotional packages to improve sales for existing projects and future launches.

“With the new development rights secured in the Klang Valley, the group remains optimistic about replicating the success story it has created in the northern region,” he said.

As the property market moves towards building affordable houses in line with the Government’s call to ensure the well-being and interests of the larger community, the company will align its strategy to gain market penetration in this sizable sector.

“The MoU inked on July 12, 2017 between the company, Taman Segar Management Corp and Upper Label Sdn Bhd allows us to make a foray into the affordable housing segment in Kuala Lumpur,” Low pointed out.