Penang World City (PWC) Project in Bayan Mutiara

Penang World City is a billion dollar mixed development project with residential units, shopping mall, office suites, office tower, hotel, retail spaces and open mall with boulevard.

Under the revised guidelines of 2010, developers have to allocate 5% of the total units in a development scheme to be priced at RM200,000, 10% to be priced at RM300,000, and another 5% not exceeding RM500,000. “Investors from China, Japan and Korea, for instance, are very much interested in coming to Penang, particularly in the next two to three years. To date, about RM22mil or 2% had been paid as earnest deposit for the land.

The remaining downpayment of RM80mil will have to be paid on or before April 10. In the agreement with Dijaya Corporation Bhd, Ivory is the turnkey builder for PWC and will thus be entitled to 48% of the project's gross revenue with the amount due to the company is targeting to launch projects worth approximately RM1.4bil in GDV this year, including

The Latitude in Mount Erskine, Penang Times Square phase three and phase four, City Mall and City Residence in Tanjung Tokong. “The company is targeting to rake in sales of RM227mil to be realised over these two years. We are expecting higher sales this year since we have more projects to offer this time and not forgetting the much anticipated PWC project,” he adds.