Tuesday, May 4, 2010
Ivory Properties Group Bhd, one of Penang’s top property companies, plans to join other big players in the country by expanding into Selangor, Kuala Lumpur and Indonesia.
Its group managing director Datuk Low Eng Hock said the company has been building itself from scratch for the past 11 years and is now setting its sights on projects outside its traditional stronghold.
“We have received numerous enquiries to carry out property projects in Kuala Lumpur, Selangor and Medan, Indonesia.
“We are in the midst of talking with various parties, including listed property companies, to carry out projects either on a joint venture basis or on our own,” Low told Business Times in an interview in Penang.
Soon-to-be listed Ivory expects to raise RM44.9 million via its initial public offering (IPO) slated by June 10, after postponing its listing plans since 2008 due to the weak market situation.
Low said the company’s forte include adding value to existing but slow-selling projects as well as rescuing and reviving abandoned projects, rejigging them and then reconceptualising the projects to catch the attention of buyers.
This provides a win-win situation for Ivory, buyers, authorities and the land owners.
“Although land is limited in the Klang Valley, there are many slow- selling projects or abandoned projects which we can turn around together with our joint-venture partners or carry out on our own,” he said.
Low added that Ivory plans to grow beyond its “rescue mission”, but to do so would require massive capital expenditure which is a handicap for a private limited company such as Ivory Properties.
“That is why we are going for listing to raise money required for our future expansion as well as boost our credibility,” said Low, who is a civil engineer by training.
Low said he gets ideas to boost sales of slow-selling properties from looking at newspaper advertisements in countries such as Hong Kong and Singapore, and emulating and inspiring his staff on how property players there do sales as well as come up with revolutionary building designs.
By Business Times