Ivory Properties Group Bhd said that it has won the rights to acquire 41.50 hectares of land in Bayan Mutiara, Penang, from the Penang Development Corp (PDC).

"Approximately 27.34ha are existing land and 14.16ha are to be reclaimed for a proposed mixed development," Ivory told Bursa Malaysia Monday.

The announcement confirms a Business Times report on July 12 that Ivory had won the rights to help develop the Bayan Mutiara land from the PDC.

It is learnt that the PDC had set the reserve price for the land at about RM200 per sq ft and that the cost of developing the land will surpass the RM1 billion mark.

Ivory shares were actively traded Monday, inching up se-ven sen to close at RM1.18 a share. – Business Times