KUALA LUMPUR: Ivory Properties Group Bhd has acquired 1.01171 hectare Copthorne Orchid Hotel & Resort in Penang for RM75 million cash for its land bank expansion.
In its filing with Bursa Malaysia today, the property developer said its wholly-owned subsidiary company, Ivory Utilities Sdn Bhd and Copthorne Orchid Penang Sdn Bhd have inked a sales and purchase agreement for the acquisition today.
Copthorne Orchid Penang is an indirect wholly-owned subsidiary of Singapore Exchange's Main Board listed company, City Development Ltd.
Ivory Properties plans to develop a hotel and serviced apartments on the land with a gross development value of RM410 million.
"The development is expected to commence in 2022 and be developed over a span of three to four years.
"Barring any unforeseen circumstances, the company expects the proposed acquisition to be completed by the second quarter of 2021," it added.