A Legacy That Withstands Eternity a Legacy That Withstands
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PROPERTIES PROPERTIES GROUP BERHAD PROPERTIES (673211-M) ANN UA L R eport 2019 a legacy that withstands eternity ANNUAL REPORT 2019 IVORY PROPERTIES GROUP BERHAD (673211-M) Ivory Tower @ Penang Times Square 81-11-1, Jalan Dato’ Keramat, 10150 George Town, Penang, Malaysia Tel : (604) 2108000 Fax : (604) 2270000 www.ivory.com.my 2 About Ivory 60 Board of Directors 90 Additional Compliance Properties Group 63 Key Senior Management Information 3 Corporate Structure 66 Corporate Governance 91 Financial Statements 4 Corporate Information Overview Statement 213 Group Properties 5 Projects Review 82 Audit and Risk Management 215 Analysis of Shareholdings 21 Awards and Achievements Committee Report 218 Notice of Annual General 24 Sustainability Statement 87 Statement on Risk Meeting Management and Internal Proxy Form 44 Media Highlights Control 47 Management Discussion and Analysis TABLE OF CONTENT Cover Rationale Trees and leaves are central features in common As Ivory Properties Group metaphors such as the (“IVORY”) celebrates its Tree of Life, the family tree 20th anniversary, the future that portrays our ancestral is brought one step closer heritage and notably, in how and into focus. IVORY has IVORY puts down roots when carved a reputation as one creating lasting relationships of the industry leaders in and legacies. These strong transforming challenging bonds are reflected in how situations and concepts into its buyers are irrevocably beautifully functional and entwined with IVORY’s award-winning realities. properties over the course of Hence, the solitary leaf their lifetime. symbolises a formidable Evergreen and ever growing, Group that is strong, resilient the vivid green foliage allude and stands out from the rest to the vast growth IVORY of its peers. Significantly, the has experienced throughout type of leaf chosen is none the past two decades as it other than the “Silver Birch”, endeavours to thrive in the which is a fond nod to Birch years to come. House, IVORY’s iconic 111- year heritage building that served as its headquarter for many years. ABOUT Listed on the Main Market of Bursa Malaysia Securities Berhad since 28 July 2010, the Group’s track record is proven with the numerous awards it has bagged over the years. The numerous awards the Group has IVORY won are testimonies of its achievement – with the latest additions of Star Property Award PROPERTIES 2019 - Best Waterfront Development (Penang World City), CSR Malaysia Award 2018 – Company of the Year (Property Developer – Northern Region), Nanyang 95th Anniversary Outstanding Business Award in Outstanding GROUP Developer Award and StarProperty.my Awards 2018 – Small is Big Award (Best Small Home A Legacy that Withstands Eternity. This Development) for Tropicana Bay Residences. year Ivory Properties Group is celebrating Other awards collected in 2017 included 20 years with a meaningful slogan of the Sin Chew Business Excellence Awards “20 Years of Faith, Hope and Love - A 2017 (Property Excellence Award and CSR Legacy that Withstands Eternity”. Ivory Excellence Award) and StarProperty.my Properties Group has always strive to live Awards 2017 – Honours Award in The Northern true to its tagline of “Building a Better Star Award for Penang Times Square. World for Our Future Generations”. The Company and its subsidiaries (“the The Group takes pride in its effort to nurture a Group”) offers a range of property types vertically integrated range of in-house expertise including medium to high end apartments, and capabilities including architecture, luxury condominiums, semi-detached and engineering, construction, interior design, bungalows, boutique gated communities, model making, sales and marketing, graphics retail and commercial units and has to date and multimedia and property management. delivered over 5,000 homes and business This structure enables the Group to effectively units to valued customers. Gearing up control the construction process, thus ensuring for an exciting year, the Group is carrying cost control and efficient use of resources. its reputation as a trusted developer into Always having the interest of customers close Perak and the Klang Valley. to its heart, the Group will continue to build the finest homes for its clientele. 2 IVORY PROPERTIES GROUP BERHAD (673211-M) CORPORATE STRUCTURE AS AT 28 JUNE 2019 Property Development & Construction 100% Ivory Gleneary Sdn Bhd (548788-M) 20% George Town Bids Sdn Bhd (1000980-M) 100% Ivory Associates Sdn Bhd (485576-P) 100% Tanjong Tokong Garden Development Sendirian Berhad (85510-X) 100% Ivory Residence Sdn Bhd (924702-T) 100% Ivory Villas Sdn Bhd (553323-V) 100% Ivory Indah Sdn Bhd (593357-M) 100% Alshem Development Sdn Bhd (218937 A) 100% Ivory Meadows Sdn Bhd (492123-A) 100% Ivory Square Sdn Bhd (510587-P) 100% Ivory View Sdn Bhd (925024-H) 100% Ivory Continental Sdn Bhd (490558-K) 100% Sunlink Properties Sdn Bhd (836156-U) IVORY PROPERTIES Property Management GROUP BERHAD 100% G & A Consultancy Sdn Bhd (527624-W) (673211-M) Ivory Property Management Services Sdn Bhd (517654-M) Investment 100% holding and provision of 100% Ivory Furniture & Interior Sdn Bhd (629320-D) management and marketing 100% Ivory Media Sdn Bhd (919038-D) services 100% Ivory Times Square Sdn Bhd (791405-M) Investment Holding & Others 100% Ivory Utilities Sdn Bhd (834590-A) 45% Tropicana Ivory Sdn Bhd (962237-X) 100% TTG Holdings Sdn Bhd (332545-U) 100% Ivory World City Sdn Bhd (1156733-X) 100% G Ivory Sdn Bhd (1157380-T) 100% Ikhlas Johan Sdn Bhd (1192883-A) 50% Ivory Koagro Uno Venture Sdn Bhd (1205466 V) 70% Ivory Place Sdn Bhd (924705-K) 50% Ivory Koagro Dos Venture Sdn Bhd (1205487 M) 45% Park Vue Realty Sdn Bhd (93359-H) 50% Ivory Koagro Tres Venture Sdn Bhd (1205469 P) ANNUAL REPORT 2019 3 CORPORATE INFORMATION BOARD OF DIRECTORS Dr Asairinachan @ Ooi Choi Kiat Aravinachan A/L Kunjamboo Non-Independent Non-Executive Director Chairman/Independent Non-Executive Director Loh Chye Teik Independent Non-Executive Director Dato’ Low Eng Hock Group Chief Executive Officer Lim Hock Siu Independent Non-Executive Director Low Wei Shane Executive Director (Appointed w.e.f. 3 September 2018) Joint Company Secretaries Share Registrar Principal Bankers Thum Sook Fun (MIA 24701) AGRITEUM Share Registration Bank Islam Malaysia Berhad Low Seow Wei (MAICSA 7053500) Services Sdn Bhd CIMB Islamic Bank Berhad 2nd Floor, Wisma Penang Garden 42 Jalan Sultan Ahmad Shah 10050 Penang, Malaysia Principal Place of Business Stock Exchange Listing Tel : 604-2282321 Ivory Tower @ Penang Times Square Fax : 604-2272391 Main Market of Bursa Malaysia 81-11-1, Jalan Dato’ Keramat Securities Berhad 10150 George Town Stock Code : 5175 Penang, Malaysia Auditors Stock Name : Ivory Tel : 604-2108000 KPMG PLT (AF 0758) Fax : 604-2270000 / 2108008 Level 18, Hunza Tower Email : [email protected] 163E Jalan Kelawei Website : www.ivory.com.my 10250 Penang, Malaysia Registered Office Suite 18.05, MWE Plaza No. 8 Lebuh Farquhar 10200 George Town Penang, Malaysia Tel : 604-2631966 Fax : 604-2628544 4 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW Penang Times Square George Town, Penang Status : Birch The Plaza & Commercial (Phase 1) – Completed Birch Regency & Commercial (Phase 2) – Completed The Wave & Commercial (Phase 3) – Ongoing Phase 4 – Upcoming Development Phase 5 – Upcoming Development Located in the heart of George Town, Penang Times Square is fast becoming one of Penang’s go-to spots for food and entertainment. The multi-phase development is regarded as one of the best contemporary public squares in Penang offering an urban experience unique to its locality. A visionary project by Ivory Properties Group Berhad, Penang Times Square is the essence of urban life with the ease of various amenities and facilities which will be developed in 5 phases. With a total of RM1.6 billion in estimated Gross Development Value (“GDV”) for the master plan, the phases will accommodate both retail and residential use. Phase 1 and Phase 2 comprise of the shopping mall as well as the Entertainment City which are the life of development. Both Phase 3 and Phase 4 will feature commercial podiums with a total retail sellable area of 341,971 sq ft while Phase 5 features an upcoming boutique hotel complete with a roof top bar. ANNUAL REPORT 2019 5 PROJECTS REVIEW Island Resort Location : Batu Ferringhi, Penang Status : Club house (Phase 1) – Completed : 10 Island Resort (Phase 2) – Completed : The Gardens – Upcoming Development Sitting on the edge of the famed Miami Beach in Batu Ferringhi, the Island Resort is an escapade from the bustling city, just one of the few paradises left on the island. If you are looking to come home to take a stroll on the beach or a hike in the hills, this development will be perfect for you. With an estimated overall GDV of RM454 million, the 3 phases development offers a whole new meaning with its resort-style living and uninterrupted spectacular sea view amidst an oasis of tranquility. Island Resort received the Highly Commended Award for Best Housing Development at the South East Asia Property Awards 2014. 6 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW Penang World City Bayan Lepas, Penang Set to raise the benchmark in urban living, Penang World City is a comprehensive multiphase development with cutting-edge architecture that will take shape over the next decade. With a projected GDV of RM10.0 billion, this mega development is set to catapult Penang onto the world stage with its astounding beautiful seafront development with residential, commercial and leisure areas. Covering a total 102.6 acres land area, the development comprises 67.5 acres of existing land and 35.1 acres of land to be reclaimed. Working along the tagline of “For Penang, In Penang, By Penang”, its high-rise residences which offer sea front beauty complete with an exuberant business hub including convention centres, international school, wellness centres and high-end hotel chains will elevate the status and prestige of Penang World City.