Ivory Properties Group Bhd will develop the residential components at AirportCity and Aerotropolis in Kedah, generating almost RM2 billion in gross development value.
The AirportCity and Aerotropolis form part of the larger Kulim International Airport (KXP) development in Sidam Kiri, Kuala Muda.
The Penang-based developer said in a statement that the residential components would cover 55 hectares (ha) and it will be developed in a joint venture (JV) with ECK Development Sdn Bhd.
Ivory said it had on August 2, 2021 entered into a binding term sheet with ECK Development for the proposed JV development.
Both the developers aim to transform the area into a 21st-century urban neighbourhood.
Ivory group chief executive officer Datuk Low Eng Hock said he is extremely honoured and grateful to be part of the regional development.
"We look forward to opportunities to be involved in the development of commercial components down the line and are optimistic that the group's involvement will create a range of attractive, cutting-edge architecture and environmentally sustainable commercial buildings with innovative yet pragmatic master planning," said Low.
Low said this JV marks an important milestone for the group as it continues to move forward and be part of exciting and meaningful projects.
He expects Ivory's involvement in the airport project to bring constant earnings growth and increase the group's net worth in the next 10 years.
The KXP mega project covers an area of about 3,965 hectares. It is designed to create a new large-scale commercial gateway in Kulim, that will spark commercial growth, promote trend-setting lifestyle and technology innovation.
According to the statement, ECK Development inked a JV agreement today with KXP AirportCity Holdings Sdn Bhd (KXPACH) as the sole investor fully responsible to lead the metropolitan subregion development, comprising KXP, the Airport City, industrial and mixed development.