KUALA LUMPUR, Nov 11- Lifestyle property developer Dijaya Corporation Bhd and Ivory Properties Group Bhd (Ivory), will join hands to develop a mixed residential and commercial property in Bayan Mutiara, Penang with a gross development value of RM10 billion.

The joint venture covers a land size of 41.024 hectares, of which 27.024 hectares is existing land with 14 hectares to be reclaimed. In a filing to Bursa Malaysia here today, the company said the land would be converted to a mix of residential, shopping mall, hotel, office suites, office towers, retail spaces and open mall with boulevard.

The development would be completed over the next eight years and work on the first phase is scheduled to begin next year. Under the joint venture, the two public-listed companies formed Tropicana Ivory Sdn Bhd (TISB), with Ivory Properties taking a 51 per cent stake in the project and Dijaya Corporation holding the balance.

Meanwhile, in a separate statement, Ivory Properties, whose securities were suspended from trading today, also announced the proposed purchase and development agreement with Chief Minister of Penang (Incorporated) and the Penang Development Corporation, to purchase and develop all the pieces of land in Bayan Mutiara for RM1.072 billion.

It also proposed an increase in authorised share capital from RM100 million comprising 200 million Ivory Shares to RM500 million comprising one billion Ivory Shares. Ivory Properties also proposed a renounceable rights issue of 186 million new ordinary shares of 50 sen each in Ivory, together with 186 million new free detachable warrants on the basis of one rights share and one free warrant for every one existing ordinary share of 50 sen each in the company. - BERNAMA