Ivory Properties Revokes Penang Land Deal Amid Subsidiary Liquidation
Ivory Properties Group Bhd (KL: IVORY) has officially terminated its previously agreed Penang land deal with Chin Hin Property (Penang) Sdn Bhd, citing the entry of its subsidiary Ivory Gleneary Sdn Bhd (IGSB) into creditors’ voluntary liquidation.
This decision marks a significant turn in the development trajectory of a 1.22-acre freehold parcel within the Penang Times Square master plan — a project long seen as a symbol of urban renewal in George Town.
Details of the Land Deal Revocation
In a statement to Bursa Malaysia dated April 17, 2025, Ivory Properties confirmed that the Sale and Purchase Agreement (SPA) and an Exclusive Right Agreement—both signed in January 2024—have now been nullified through a Deed of Revocation dated April 16, 2025.
The involved parties include:
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IGSB – the subsidiary now in liquidation
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Ivory Utilities Sdn Bhd (IUSB) – another Ivory group entity
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Chin Hin Property (Penang) Sdn Bhd (CHPPSB) – the original purchaser
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BKG Development Sdn Bhd – additional stakeholder
The revoked land parcel was designated for a multi-storey residential development, poised to add density and vibrancy to the growing Penang Times Square precinct.
Liquidation Triggers Legal Unwinding of Agreements
With IGSB under liquidators’ control, all agreements and instruments related to the project—including the power of attorney granted to Chin Hin—are now void. The personal guarantee by Ivory’s CEO, Datuk Low Eng Hock, has also been released.
Importantly, IGSB must ensure a RM2 million reimbursement to CHPPSB, covering:
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Preliminary expenses
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Liquidated damages
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Planning-related costs
This indicates a level of accountability and compensation, even amid formal insolvency.
“The revocation is not expected to have a material impact on Ivory’s financial performance for the year ending March 31, 2025,” said the group in its official filing.
Chin Hin to Pursue Sale with New Buyer
In a parallel filing, Chin Hin Group confirmed the revocation and stated that the land parcel will now be sold to a new third-party purchaser. This keeps the door open for the site’s development, albeit under new stakeholders and possibly altered design intentions.
For observers, the shift could signal a reshuffling of property development priorities in Penang, particularly for land parcels within George Town’s heritage-bordering zones.
Penang Times Square: What Happens Now?
Located in a strategic transit-oriented zone, Penang Times Square was envisioned as a multi-phase integrated development combining retail, residential, and entertainment offerings. This 1.22-acre land was part of the next planned residential block.
With the revocation of the land deal:
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There may be delays in the site’s development until a new buyer proceeds with project planning
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Existing infrastructure and utilities may require re-evaluation under the new ownership
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The overall master plan could undergo slight modifications, depending on the new buyer’s direction
Implications for Real Estate Stakeholders
While deal cancellations aren’t uncommon during volatile financial cycles, the Ivory Properties Penang land deal revocation underscores a few important themes:
✅ Financial stress among smaller subsidiaries can disrupt high-value urban land transactions
✅ Due diligence and contingencies in SPAs are vital, especially when buying into multi-entity projects
✅ Heritage-urban fringes like Times Square remain attractive but complex for long-term development
For investors, agents, and developers keeping an eye on Penang’s high-density zones, this situation serves as a case study in navigating JV-led projects and liquidity-linked disruptions.
Final Thoughts: Land Still Prime, But Timeline Uncertain
While the deal between Ivory Properties and Chin Hin has officially come to an end, the Penang Times Square site remains a highly attractive parcel in one of Malaysia’s most active city centres.
With a new buyer potentially stepping in, stakeholders should monitor upcoming filings and announcements to see how the land’s future unfolds. What remains certain is that Penang’s urban real estate appeal continues to attract interest, despite occasional corporate turbulence.
