IVORY TO JOINTLY DEVELOP RESIDENTIAL COMPONENTS OF KULIM INTERNATIONAL AIRPORT

GEORGE TOWN, Aug 2 – Ivory Properties Group Bhd and ECK Development Sdn Bhd will jointly develop the residential components of AirportCity/Aerotropolis of the proposed Kulim International Airport (KXP) in Sidam Kiri, Kuala Muda in Kedah.

Penang-based property developer Ivory said the KXP mega project would occupy about 3,965 hectares of land, while the residential components in the Airport City would cover 55 hectares, with an estimated minimum gross development value (GDV) of RM2 billion.

“Ivory intends to transform the area into a 21st-century urban neighbourhood while simultaneously enhance the quality of life of people within the vicinity,” it said in a statement.

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ECK Development inked a joint venture agreement today with KXP AirportCity Holdings Sdn Bhd (KXPACH) as “the sole investor fully responsible for leading the metropolitan subregion development consisting of the KXP, industrial, Airport City and mixed development,” according to the statement.

KXP is designed to create a new large scale commercial gateway in Kulim, Kedah that will spark commercial growth, promote trend-setting lifestyle and technology innovation.

Ivory Group chief executive officer Datuk Low Eng Hock said the group was 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.

“This joint venture marks an important milestone for the group as we continue to move forward and be part of exciting and meaningful projects,” Low said in the statement.

Ivory expects its involvement in the airport project to bring constant earnings growth and increase the group’s net worth in the next 10 years.

--BERNAMA