PENANG | Times Square Development News

[Adam Tan]

Penang Times Square
http://www.penangtimessquare.com/Picture/1b.jpg

One upcoming project the developer is especially proud of is said to be by far its most ambitious and significant — the RM700-million Penang Times Square development. Located in the heart of historic Georgetown, Low is confident that the mixed development will become the cornerstone of its efforts to venture into the tourism-related commercial property development market.

The entire Penang Times Square, which recently broke ground in September 2005, includes 800 units of residential units, commercial spaces, exhibition centre, hotel and office blocks, and a two-acre urban open square modelled after the vibrant and activity-filled European town squares.

To be completed in four years, Penang Times Square is widely regarded as the milestone project in support of the Penang government's urban renewal efforts for the 200-year-old Georgetown district on Penang island, which is currently seeking Unesco World Heritage Listing status.

Within 100 metres of Penang's famed food districts and three international star-rated hotels, Penang Times Square is poised to become the new urban centre for Penang's residents and tourists alike. (theedgedaily)

Location
http://i47.photobucket.com/albums/f157/adam_king/TQMap2.jpg
http://www.penangtimessquare.com/Picture/location_pic.jpg

Development plan
http://i47.photobucket.com/albums/f157/adam_king/A1.jpg

Birch Plaza (phase 1)
http://i47.photobucket.com/albums/f157/adam_king/A2.jpg

Birch Regency (phase 2)
http://i47.photobucket.com/albums/f157/adam_king/A3.jpg

Hotel & office (phase 3)
http://i47.photobucket.com/albums/f157/adam_king/A4.jpg

Covered street & retail shop (phase 4)
http://i47.photobucket.com/albums/f157/adam_king/A6.jpg

Open space
http://i47.photobucket.com/albums/f157/adam_king/A5.jpg

Official Website
http://www.penangtimessquare.com/

[Adam Tan]

latest design
http://www.henrybutcherpenang.com/upload_files/27/timesq.jpg

Birch Plaza (phase 1)
http://i4.photobucket.com/albums/y139/protoeden2/holdingsDK.jpg

Birch Regency
http://i4.photobucket.com/albums/y139/protoeden2/view010000.jpg


http://i4.photobucket.com/albums/y139/protoeden2/PTSP4.jpg

Monorial Station
http://i4.photobucket.com/albums/y139/protoeden2/PTS_monorial.jpg


Source from protoeden

[OtAkAw]

All these Times Square projects in Asia, are they all handled by the same entity? There's one in HK, KL and one's planned somewhere in Jakarta as I've read in the Dev't forums months back.

[samsonyuen]

Is this a newly planned monorail? I don't remember there being one in 1999.

[Adam Tan]

All these Times Square projects in Asia, are they all handled by the same entity? There's one in HK, KL and one's planned somewhere in Jakarta as I've read in the Dev't forums months back.

i dun think they are same, as i know all their developer are diffrent

Is this a newly planned monorail? I don't remember there being one in 1999.

actually penang government planned to build monorial long time ago, but...:ohno:

Anyway, they said will announce by mid of this year (hopefully)

[Adam Tan]

http://penangtimessquare.com/Picture/status_of_construction/1.jpg
http://penangtimessquare.com/Picture/status_of_construction/2.jpg
http://penangtimessquare.com/Picture/status_of_construction/3.jpg
http://penangtimessquare.com/Picture/status_of_construction/4.jpg
http://penangtimessquare.com/Picture/status_of_construction/5.jpg

[Adam Tan]

http://img266.imageshack.us/img266/5461/clip47xb.jpg

[jlshyang]

Is this a newly planned monorail? I don't remember there being one in 1999.

Yep, you're right. The government approved the plans and funds for the new Penang monorail as part of the 9th Malaysian Plan last year. The state government will announce the finalised plans middle of this year and construction shall begin not later than the end of 2007.

[ZZ-II]

nice project

[JWvW]

it's ok, but why Times Square again??? Come up with a new name...be creative. Hope the mall will be nice, a bit like guerney plaza and not like One-Stop, that is a real dump...

[TYW]

it's ok, but why Times Square again??? Come up with a new name...be creative. Hope the mall will be nice, a bit like guerney plaza and not like One-Stop, that is a real dump...

i have to agree with the naming. there are like 4 times squares in Malaysia already:lol: actually the original name for this projects was Escoy Place, named after the factory that once sat on the site

Actually One-Stop used to be a nice place. the problem was poor management and maintainence:ohno: i believe this mall will not end up like that though

[TYW]

this is supposed to be the lastest design

pics by protoedenXD

http://img02.picoodle.com/img/img02/7/1/15/f_IMG026i_49f7m_2111e37d.jpg
^^the tall building is the hotel. it is said to be around 50 stories

http://img02.picoodle.com/img/img02/7/1/15/f_IMG027i_49f7m_72fd84eb.jpg
^^ the twins are the office towers

http://img02.picoodle.com/img/img02/7/1/15/f_IMG029i_49f7m_d71b4306.jpg
^^ podium for the hotel

[TYW]

more pics by protoedenXD

http://img02.picoodle.com/img/img02/7/1/15/f_IMG028i_49f7m_fe8cc37e.jpg
^^ the open plaza

http://img02.picoodle.com/img/img02/7/1/15/f_IMG031i_49f7m_d5b4511a.jpg
^^ Birch Regency (phase 2) residential tower around 25 stories

http://img02.picoodle.com/img/img02/7/1/15/f_IMG032i_49f7m_79b400c6.jpg
^^ another part of the podium

[AhChuan]

Great!!! Cant wait too see the whole project complete...

I hope it can finish by end of this year...hehe...

[TYW]

how the mall will look like
http://img291.imageshack.us/img291/3127/clip1ql.jpg

http://img264.imageshack.us/img264/9158/clip25vc.jpg

http://img02.picoodle.com/img/img02/7/1/22/f_shopfronti_9ad6m_d46a922.jpg

[TYW]

Great!!! Cant wait too see the whole project complete...

I hope it can finish by end of this year...hehe...

the 1st phase is suppoed to be completed by this year but judging from the progress, i don't think so:(

[AhChuan]

how the mall will look like
http://img291.imageshack.us/img291/3127/clip1ql.jpg

The screen looks so cool!! I think Penang TS will be more better than KL TS....do you think so?

[TYW]

The screen looks so cool!! I think Penang TS will be more better than KL TS....do you think so?

i'm not too sure about that but i like Penang Times Square's concept better. KL's Berjaya Times Square is just a building and Penang Times Sqare is a whole urban redevelopment project with street, plazas and stuff

however, Penang Times Square will not have a theme park like Berjaya Times Square

[JWvW]

@TYW: Escoy Place would have been a much better name!! such a pity. But unfotunately the situation you described concerning one-stop happens a bit too often in malaysia. local councils should be able to fine management if they don't take care of the maintenance at a certain level.

[TYW]

@TYW: Escoy Place would have been a much better name!! such a pity.

yeah... prefer that name too.


But unfotunately the situation you described concerning one-stop happens a bit too often in malaysia. local councils should be able to fine management if they don't take care of the maintenance at a certain level.

well, not exactly all of the malls in Malaysia are like that. just some of them. i have to admit however, that lots of the malls in Penang are poorly managed. the reason is that this lousy developer, called PENAS built those malls, and hence, poor management. if you list out all those malls in Penang that are poorly managed, i believe 90% of them are built by PENAS.

an example of a mall that is not built by PENAS is Island Plaza. it is built by Belleview. till now the mall is still as good as new :yes: another mall is Queensbay mall. although still new, i'm confident that it will stay new;)

[kurakura]

The problem with Malaysia is that as mentioned, most buildings degrade over time. And also no effort (and redtapes) are preventing new developement to integrate properly into the existing area. Bukit Jambul Mall was awesome when it first opened...but now...........its like rojak.

Unlike Singapore where there is a law(I think) that requires the buildings to be maintained adequately. And also, there is a urban developement department that ensure good pedestrian and traffic flow, greenery etc etc. However, the tenants have to contribute money to the sink fund every month or annually :(

[TYW]

don't worry, kurakura. i believe Penang Times Square will not end up like BJ Complex. Ivory is not like PENAS

[kurakura]

hehe...im going to penang from ipoh in july. hopefully can drop by the site then :)

[TYW]

some pics by fellow forumer Magician, from Suntec city, singapore

http://img524.imageshack.us/img524/3586/dsc00755dr2.jpg

http://img186.imageshack.us/img186/435/dsc00757cz5.jpg

http://img501.imageshack.us/img501/4765/dsc00758lg3.jpg

[TYW]

more

http://img171.imageshack.us/img171/3539/dsc00759os5.jpg

http://img504.imageshack.us/img504/7954/dsc00760me9.jpg

http://img522.imageshack.us/img522/6931/dsc00761rn8.jpg

[TYW]

update by forever consern

http://i4.photobucket.com/albums/y150/forever_consern/DSC00427.jpg
http://i4.photobucket.com/albums/y150/forever_consern/DSC00426.jpg
http://i4.photobucket.com/albums/y150/forever_consern/DSC00425-1.jpg
http://i4.photobucket.com/albums/y150/forever_consern/DSC00424.jpg
http://i4.photobucket.com/albums/y150/forever_consern/DSC00423.jpg
http://i4.photobucket.com/albums/y150/forever_consern/DSC00422.jpg

Penang Times Square
Developer: Ivory Properties
Main Contractor:Ivory & Associate
Location: Datuk Keramat

[nazrey]

PENANG TIMES SQUARE (http://www.penangtimessquare.com/)
BIRCH THE PLAZA
- Commercial
- Residential

http://img35.picoodle.com/img/img35/9/7/31/f_27m_7da6a6b.jpg

BIRCH REGENCY
- Commercial
- Residential

http://img38.picoodle.com/img/img38/9/7/31/f_28m_39a6c0a.jpg

Phase 3
- Commercial
- Cineplex
- Exhibition
- Office
- Serviced-Resident

http://img01.picoodle.com/img/img01/9/7/31/f_29m_d27e375.jpg

Phase 4
- Hotel

http://img31.picoodle.com/img/img31/9/7/31/f_30m_65183c1.jpg

[nazrey]

BIRCH THE PLAZA
- Commercial
- Residential

http://img35.picoodle.com/img/img35/9/7/31/f_27m_7da6a6b.jpg

Progress

http://farm2.static.flickr.com/1124/963657514_f4cec3775b.jpg?v=0

http://farm2.static.flickr.com/1033/962794095_c9cbf48c54.jpg?v=0

http://farm2.static.flickr.com/1132/962794057_084eeb3829.jpg?v=0

http://farm2.static.flickr.com/1214/962794029_932d9acf78.jpg?v=0

[Magician]

more

http://img171.imageshack.us/img171/3539/dsc00759os5.jpg




Oh TYW, thanks for helping me to put my name in hehe...:banana:

[TYW]

Oh TYW, thanks for helping me to put my name in hehe...:banana:

you're welcome :D

ahh!! can't wait to see this project completed!

[nazrey]

New shopping complex for Penangites next year
Wednesday September 5, 2007
By JEREMY TAN


PENANGITES can look forward to a new shopping complex next yearwhen Phase 1 of Penang Times Square is completed.

Birch the Plaza under Phase 1 comprises a four-storey shopping mall boasting over 300 outlets of dining, retail and service outlets. A further three phases are scheduled for completion by 2012.

The RM450mil project, launched in 2004, is located less than 500m from Komtar, sitting on a 5.3ha site that was once a tin smelting plant.

Ivory Properties Group general manager Chok Keng Vui said Times Square was the most ambitious project the group had undertaken.

He was speaking at the official launching of Birch House, a century old building erected in colonial times, which is now the corporate head office of Ivory Group.

The new office, adjacent to the site of Times Square, was officially launched by Yang di-Pertua Negri Tun Haji Abdul Rahman Abbas yesterday.

Over the last two years, Birch House had undergone a RM2.5mil restoration lasting two years and now returned to its former grandeur.

On another of Ivory’s projects, Moonlight Bay, Chok said over 70% of the units had already been sold.

“We hope to complete the project in three years time,” he said.

Moonlight Bay is a prestigious 6ha gated residential project, with 70 villas overlooking the sea drawing on a unique southern European hillside village concept.

[nazrey]

by forever consern

http://i4.photobucket.com/albums/y150/forever_consern/DSC00229-1.jpg

http://i4.photobucket.com/albums/y150/forever_consern/DSC00228-1.jpg

[Adam Tan]

protoedenXD
http://img33.picoodle.com/img/img33/9/8/23/f_compjan0724m_7ce3c12.jpg

[nazrey]

Harvey Norman plans second outlet in Penang
Tuesday September 18, 2007
By Alex Teng


http://biz.thestar.com.my/archives/2007/9/18/business/b_p10Harvey.jpg

Gerry Norman and Penang Turf Club deputy president
Datuk Seri Teh Choon Beng at the Penang Turf Club

PENANG: Australian retail billionaire Gerry Harvey is keen to take full advantage of Penang's booming economy by opening a second Harvey Norman outlet in Penang Times Square, after the one at Queensbay Mall (http://www.skyscrapercity.com/showthread.php?t=430448).

On his first visit to Penang last Saturday, the 68-year-old founder of the Harvey Norman group was convinced the “Silicon Valley” had substantial growth potential.

“I was told that under the Northern Corridor Economic Region (NCER) a lot of money would be invested here in the next five to 10 years with half of it going into infrastructure. That is very good news for the people of Penang.

“I find this place very interesting with a lot of activities going on. I think it’s moving in the right direction,” he said.

Harvey Norman is a retail chain that offers a wide range of products from electrical, computers and communications and small appliances to furniture and home improvement.

The first RM10mil Harvey Norman outlet, measuring some 70,000 sq ft, opened in Ikano Power Centre in Petaling Jaya four years ago while the second RM5mil 30,000 sq ft outlet in Mid Valley Megamall was launched last November.

The retailer plans to open another outlet each at Sunway Pyramid and Kuala Lumpur's The Pavilion later this year.

Harvey Norman Holdings Ltd also controls other prominent retail chains including Space Furniture which is located in Bangsar Baru, Kuala Lumpur.

Harvey Norman stores are also found in Australia, New Zealand, Slovenia, Ireland and Singapore.

“At Harvey Norman, we endeavour to provide the most current product innovations and advancements from the leading brands. We also strive to provide our customers with quality products and professional service, every day,” stressed Harvey who now sits atop an empire that generates more than A$6bil in annual sales from 200 stores worldwide.

In the next three to five years, the Sydney-based Harvey hoped to expand his business in Malaysia to about 20 outlets.

The first Harvey Norman store was started in 1961 by Harvey and his business partner Ian Norman.

The original store specialised in electrical goods and appliances. Its immediate success prompted Harvey and Norman to seek expansion of the business.

[jpaulo_001]

Beautiful

[oshkoshbgood]

the architect, the G & A never heard them b4...no wonder the design looks s0oo0o0o0o0 f*cking crap!

which Uni this architect go ah...? very old taste! very embarrassing to put this project side-by-side with other world's best development news....:bash:

[nazrey]

by Adam Tan

http://i47.photobucket.com/albums/f157/adam_king/PICT5215.jpg

http://i47.photobucket.com/albums/f157/adam_king/PICT5214.jpg

[Adam Tan]

by forever consern (25 sep)
http://farm2.static.flickr.com/1182/1437446785_0780d4147c.jpg?v=0

[nazrey]

Penang Times Square, Datuk Keramat, Georgetown
by forever consern

http://i4.photobucket.com/albums/y150/forever_consern/DSC00487.jpg

http://i4.photobucket.com/albums/y150/forever_consern/DSC00486-1.jpg

http://i4.photobucket.com/albums/y150/forever_consern/DSC00485-1.jpg

http://i4.photobucket.com/albums/y150/forever_consern/DSC00484-1.jpg

[nazrey]

Update:
PENANG | Times Square | BIRCH THE PLAZA
by izumiflowers

http://img01.picoodle.com/img/img01/5/11/16/f_02m_88fddd5.jpg

http://img39.picoodle.com/img/img39/5/11/16/f_01m_315531f.jpg

[Perth4life]

woah this looks nice

[trui]

Hi all, sorry to get into this thread, but I used to live in Penang and just heard that another huge project has been planned on the Turf Club grounds. Is this true? and what kind of project will it be?

[skyscraperboy]

^^ PGCC

http://www.skyscrapercity.com/showthread.php?t=518768&page=3

[taro_80]

the architect, the G & A never heard them b4...no wonder the design looks s0oo0o0o0o0 f*cking crap!

which Uni this architect go ah...? very old taste! very embarrassing to put this project side-by-side with other world's best development news....:bash:

excuse me...this design is more grand than any other design la...and even than KL times square 100X

this design is Old English and Renaissance Style

[nazrey]

PENANG TIMES SQUARE (http://www.penangtimessquare.com/)
BIRCH THE PLAZA
- Commercial
- Residential

http://img35.picoodle.com/img/img35/9/7/31/f_27m_7da6a6b.jpg


Update :
BIRCH THE PLAZA
by forever consern

http://i4.photobucket.com/albums/y150/forever_consern/RotationofDSC00623.jpg

[peirming]

Ivory's progress is fast :D

[mbuildings]

stunning!

[peirming]

any more progress??

[Edward]

protoedenXD
http://img33.picoodle.com/img/img33/9/8/23/f_compjan0724m_7ce3c12.jpg

OMG - That looks sooooo awesome!!!

[kty]

gggg

[peirming]

who's the anchor tenant?
I wonder if jusco will open another store there....

[built_in_me]

i think the progress is good very promising...after all it's ivory...now they are unveiling the Island Resort project pretty neat project....penang rockssss...of course it's way better than kl times square which is so dull and boring.....probably the only good thing there is the imax and indoor theme park......

[jlshyang]

^^^I hope it will be way better than KL Times Square. I don't like that place either especially the crowd at KL Times Square and there are so many better malls than the KL Times Square in KL.

[nazrey]

Ivory earmarks RM70m to revive Fettes Villa project
By Marina Emmanuel Published: 2008/02/02

Ivory Properties, the developer of the RM1 billion Penang Times Square, is now working on the concept of the project which has a gross development value of RM247 million

PENANG-based Ivory Properties Group - which is eyeing a listing on Bursa Malaysia's main board by the end of this year - is targetting to revive the abandoned "Fettes Villa" project on the island in three years.

The company's managing director Datuk Low Eng Hock yesterday said the company has earmarked between RM60 million and RM70 million to revive the project, although this does not include construction costs.

"We are now working on the project concept and only then will be able to finalise construction costs," he said.

He was speaking to reporters after a signing ceremony between Ivory's subsidiary, Ivory Villas Sdn Bhd; Malaysia Building Society Bhd (MBSB), the project's financier; and Gewaris Sdn Bhd (the project's former developer which is in liquidation).

Present were Chief Minister Tan Sri Dr Koh Tsu Koon, MBSB chairman Tan Sri Abdul Halim Ali and Ivory's executive director Datuk Nazir Ariff Mushir Ariff.

With a gross development value of RM247 million, Nazir said the project will comprise three 38-storey towers and 30 commercial lots on 5.4ha of land.

The project, which started in 1995 and scheduled for completion in 1997, was stalled in 1996 and affected 582 buyers.

It comprised about 900 condominium units, low-medium cost (LMC) apartments and 20 shoplots.

However, only about 210 condominium units and 358 LMC apartment units were sold while all the shoplots have been sold out.

The LMC and shophouse units are about 10 per cent completed while work on the condominium units has yet to start.

Ivory Properties is the developer of the RM1 billion Penang Times Square integrated development in the heart of George Town.

Nazir said the proposed project for which its first and second phases are expected to be completed by the end of 2008 and 2009 respectively, will include among others, a five-star hotel, retail shoplots and monorail connectivity.

"We are eyeing a ready catchment market of 446,000 people within George Town and 1.39 million within Penang," he added.

[protoedenXD]

update

http://img02.picoodle.com/img/img02/4/2/9/f_DSC05371m_b2a227c.jpg

http://img27.picoodle.com/img/img27/4/2/9/f_DSC05493m_ff8de21.jpg

[nazrey]

Penang Times Square


Penang Times Square by Ivory
http://i47.photobucket.com/albums/f157/adam_king/PICT5215.jpg

http://i47.photobucket.com/albums/f157/adam_king/PICT5214.jpg

[built_in_me]

hmmm....not much in this thread...or is there some other thread fo PTS.....

[Erik91]

A great requalification.

[nazrey]

by Rianto_L

http://img02.picoodle.com/img/img02/4/4/9/f_2397606395dm_3929e2c.jpg

http://img30.picoodle.com/img/img30/4/4/9/f_2397609261cm_335c427.jpg

by totony8

http://farm3.static.flickr.com/2067/2373178424_98468150f8_b.jpg

[nazrey]

By forever consern

http://i4.photobucket.com/albums/y150/forever_consern/P4130004.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P4130002.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P4130003.jpg

[nazrey]

Foreign interest in Penang hotel
Thursday April 17, 2008

PENANG: A RM250mil hotel project by Ivory Properties Group has attracted the attention of overseas investors who are keen to acquire the property.

General manager Chok Keng Vui said the company was in negotiations with interested parties from the Middle East, South Africa, Singapore and Britain.

“They started negotiations with us after seeing the preliminary design of the hotel, which will fall under the five-star category,” Chok told StarBiz.

The 500-room, 30-storey hotel comes under phase four of the RM1bil Times Square mixed development project on a 4.86ha site in Georgetown.

Chok said the hotel would have a heritage theme to blend with the facade of the Times Square project.

“A podium will be constructed to link the hotel to the shopping mall.

”Our shopping mall, with a gross commercial floor space of about 1.2 million sq ft, will incorporate the features of Kuala Lumpur's Sungai Wang Plaza and Suria KLCC. We are also looking at a revolving restaurant for the hotel,” he said.

He expects the deal to acquire the hotel to be finalised next year with one of the foreign investors.

Construction works on the hotel is expected to start in 2010.

Chok said phase one of the Times Square project was scheduled for completion in October this year. Phase one comprises 180 retail lots in a gross commercial area of about 400,000 sq ft, and 414 serviced condominium units.

The retail lots are sold out while the serviced condominium units are 95% taken up.

The retail lots on the ground floor are priced from RM2,000 per sq ft.

Chok said the value of the 1,030-sq-ft serviced condominium units, now selling for about RM350,000 or RM350 per sq ft, had risen by about 30% since their launch in 2005.

“Several international brand names involved in department store and electronic consumer products will be setting up outlets in phase one,” he said.

The second phase, scheduled for completion by end-2009, comprises about 100 retail lots in a gross commercial area of 350,000 sq ft, and 370 serviced condominium units.

The retail lots are 95% sold, while 80% of the serviced condominium units have been taken up.

Work on the third phase, scheduled to start in 2010, comprises 470,000 sq ft of gross commercial space, which will include a convention and exhibition centre.

“We will lease the commercial space for this final phase and control the type of tenants taking up the commercial area,'' Chok said. “We intend to model the third phase after the Starhill Gallery in Bintang Walk.”

[nazrey]

by forever consern

http://i4.photobucket.com/albums/y150/forever_consern/P5040064-1.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040065.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040067.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040068.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040069.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040070.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040071.jpg

http://i4.photobucket.com/albums/y150/forever_consern/P5040072.jpg

[roberttan98]

Phase II seem to be very slow. Started selling on Jan 2006 but still only pilling stage. Can Phase II be completed at the end of 2009. 1 year 7 months more. Construction have not yet started !!!! People have paid their money and Ivory is holding their money.

[nazrey]

by SH_PG

http://i287.photobucket.com/albums/ll146/shlim_pg/DSC_0373.jpg

http://i287.photobucket.com/albums/ll146/shlim_pg/DSC_0150.jpg

[nazrey]

by emrank

http://farm4.static.flickr.com/3160/2525657069_c07e43c126_b.jpg

[nazrey]

by sierra2u

http://farm3.static.flickr.com/2197/2377255616_df428767b2_b.jpg

[nazrey]

by SH_PG

http://i287.photobucket.com/albums/ll146/shlim_pg/DSC_0235.jpg

[matejkos]

one with the ship is awsome!

[nazrey]

by Magician

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[nazrey]

by Magician

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[nazrey]

by GodwinTye.blogspot.com

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[nazrey]

by Magician

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[nazrey]

by built_in_me

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times square swimming pool
by forever consern

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[nazrey]

by budak

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[nazrey]

by yikyeou.flickr

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[nazrey]

by pikopita

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[nazrey]

Update:
Phase 2
by kubundu

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[nazrey]

by proud_penangite

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[nazrey]

by proud_penangite

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[nazrey]

by GenYong

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[nazrey]

by proud_penangite

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by venycal

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[nazrey]

Ivory seeks investor for proposed 5-star hotel
By Marina Emmanuel Published: 2008/10/31 BusinessTimes

IVORY Properties Group is looking for an investor for the 450-room five-star hotel planned at its Penang Times Square development in Penang.

Ivory Properties Sdn Bhd executive director Datuk Seri Nazir Ariff Mushir Ariff said the proposed hotel and podium block carry an estimated gross development value of RM250 million.

"The 10-storey podium block will comprise six floors of retail outlets and six parking levels," he told Business Times in an interview.

Nazir said the hotel will form the fourth phase of development for the RM400 million Penang Times Square project on the fringe of George Town's heritage enclave, which has been included in Unesco's World Heritage List.

"We are seeking an investor who is also keen to operate the hotel whose rooms are expected to take up 200,000 sq ft over 20 floors.

"Alternatively, we are willing to build the hotel if a renowned hotel chain is keen to operate it on a long-term basis," he said, adding that the proposed hotel is expected to break ground in 2010 and be completed by 2013.

Ivory Properties managing director Datuk Low Eng Hock said the company has held initial talks with potential investors from the Middle East, but nothing has materialised as yet.

According to Nazir, the first two phases of Penang Times Square, which include residential and commercial units, are scheduled to be completed early next year.

"The third phase, which will include a convention and exhibition centre and a cineplex, is expected to break ground by the end of 2009," he said.

The value of the residential units has already appreciated by 30 per cent, while that of neighbouring properties in the Datuk Keramat area has doubled.

Penang Times Square sits on 5.2ha where one of the country's oldest tin smelting operations, Escoy Smelting Sdn Bhd, once stood.

About 0.8ha has been earmarked by Ivory Properties for an urban open space and a heritage museum.

Ivory Properties' other projects include the luxurious hilltop villas at its "Moonlight Bay" development along the Batu Ferringi tourism belt and "The View Twin Towers" which overlook the Penang Bridge.

[nazrey]

by guykamen

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