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Ever since its maiden project in 1999, the Ivory Properties Group has been carving a name for itself as a luxury property developer
The Ivory Properties Group may not be a household name in the Klang Valley but it’s a name that’s well recognised by anyone familiar with the Penang property market. Established in 1999, the Penang-based developer has over the years, made steady progress in undertaking and completing a number of impressive developments on the island.
The group’s portfolio includes medium to high-end apartments, luxury condominiums, semi-detached and bungalow homes, boutique gated communities and commercial lots.
According to executive director Datuk Seri Nazir Ariff, its projects have been completed on or even ahead of schedule adhering to the highest standard of workmanship and quality control. Additionally, all the projects are completed with a focus on innovative designs, fresh lifestyle concepts, quality craftsmanship, timely delivery and priority on customer service. Armed with this track record and experience, the developer is now thinking of developing more environmental friendly buildings or green buildings and incorporating energy saving features for its future developments.
Elaborating on the group’s beginnings, he says the group embarked on its first property development project, the Tanjung Park Condominium, in mid-1999. When the project was completed in 2003, the value of the property had appreciated by as much as 40%, resulting in windfall profits for all investors, he adds. “The stunning success of the project amidst the Asian financial crisis and against all market predictions marked the unmistakable emergence of Ivory in the highly competitive Penang property market,” he says.
Ivory Properties’ subsequent undertaking, Plaza Ivory, a mixed-use development was launched in 2000 and completed as scheduled in 2004 with equal success. In line with this project was the upmarket low-density residential development Palace Hill, comprising 3-storey semi-detached homes and bungalows of classical French architectural designs.
The group’s most ambitious and significant development to date is a RM1 billion mixed-use development project, Penang Times Square, located in the heart of historic Georgetown. 
With projects like Penang Times Square and The View Twin Towers, Ivory Properties has over the years carved a name for itself as a developer of luxury property. “The characteristics that define luxury properties differ from major cities… however, location defines the property’s value especially whether it offers a nice view particularly with a waterfront development, amenities such as proximity to major shopping malls, restaurants, tourist landmarks, airport and public transport facilities,” says Nazir.
Besides location, planning and thoughtful design is crucial when developing a luxury property. “Features that are much sought after include unique architectural designs, spacious internal layout, quality finishing/workmanship, full fledge five-star facilities and lush greenery planning,” says Nazir, pointing to its The View Twin Towers luxury condominium that was completed in 2006. 
“In Ivory’s approach, we have always added thoughtful design planning focusing on future building maintenance which is also equally important,” he says. He adds that these are the factors that set Ivory Properties apart from its competitors.
Still he concedes that developing luxury properties is not without challenges. “The biggest challenge is the market segment as it is targeted at the niche market. Ivory has done pretty well the past year as our projects are sited at strategic locations and because of Ivory’s strong branding and positioning as a mid to high-end property developer, purchasers are quite confident in investing. Comparatively, for a developer who is not well versed in building a luxury property but tries its hand in this niche market, then the confidence would not be there for purchasers to invest in that particular property…more so during an economic downturn,” Nazir points out.
What’s ahead
Presently the group is gearing up for its latest development — 10 Island Resort, located at the famed Miami Beach in Batu Ferringhi. The 4-acre resort themed project with a spectacular oceanfront hillside setting comprises condominiums and resort villas. The freehold development boasts 266 condo units and 15 exclusively designed four-storey resort villas.
Targeted for an official launch at the end of the year, the condo units are priced from RM499,800 onwards and offer built-ups ranging from 1,100-3,200 sq ft. The villas, meanwhile, boast built-ups ranging from 3,850-4,250 sq ft and are pegged from RM1.8 million to RM2.3 million. In addition to the facilities available at each condominium, there will also be a private recreational club boasting food and beverage outlets, spa and sports facilities.
The group is equally excited about The Peak, a 13.7-acre development located at the foot of Mount Erskine, at Lebuhraya Halia in Tanjong Tokong. The first phase of the development, called The Peak Residences, is slated for launch at the end of this year. The 300 condo units with built-ups ranging from 1,000 to 5,000 sq ft are estimated to be priced from RM300,000 to RM1.8 million. One of its exclusive features is a private garden that compliments every Garden, Executive and Penthouse unit.
Apart from the residential suites, a host of facilities and services will be available at its commercial area right at its doorstep.
Additionally, the surrounding amenities are located within a 5-minute drive down to well-developed addresses such as Fettes Park, Tanjong Tokong and Gurney Drive. Amenities such as eateries, wet markets, schools, medical facilities and shopping malls — namely Island Plaza and Gurney Plaza — are all in close proximity.
Another upcoming development is Aston Villa, located on Jalan Aston in Bukit Mertajam. Comprising 3-storey terraced, semi-detached and bungalow houses, the freehold upmarket housing enclave is close to neighbourhood conveniences such as a shopping mall, banks and a secondary school. The properties are priced from RM473,800 for the terrace and RM693,800 for the semi-detached.
The terraced units boast built-up areas from 2,850 sq ft while the semi-detached units offer built-ups from 3,750 sq ft. The development also boasts 12 units of 4-storey commercial lots priced from RM1,038,800.
In the pipeline is its City Mall project in Tanjung Tokong, due to commence in 2011. The project, with a gross development value of RM304.4 million, is a mixed development comprising condos perched above a shopping mall and retail outlets. Nazir adds that the 300,000 sq ft retail space will boast tropical style interior design characterised by lush landscape elements, giant palm trees and water features. He says there will also be a Tourist Information Centre where tourists can rest, dine, travel, and most importantly, get any information on the island.
For more information, call (04) 210 8000
This article appeared in Luxury Living, the special focus pullout of The Edge Malaysia, Issue 782, Nov 23-29, 2009.
