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Ivory Properties AR2020

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Ivory Properties AR2020 TABLE OF TABLE CONTENT 02 About Ivory Properties Group 03 Corporate Structure 04 Corporate Information 05 Projects Review Cover Rationale 20 Awards and Achievements Ivory Properties Group Berhad (“Ivory Group”) is poised 23 Sustainability Report to transcend to a brand new level of resplendence by condescending to the calls of nature with the 35 Letter to Shareholders and full embodiment of the hummingbird, a symbol of Management Discussion and Analysis pollination, beauty, adaptability and Mother Nature. 46 Board of Directors Much like the hummingbird that pollinates flowers, Ivory fulfils its role as the industry leader, with a strong 49 Key Senior Management niche and renown, in premium property development by reviving abandoned projects and building hard-to- 52 Corporate Governance Overview execute ones that engender fascinating, exuberant Statement beauty vis-à-vis the hummingbird. 68 Audit and Risk Management Committee The graceful, energetic bird exhibits incredible Report acrobatic prowess. In the blink of an eye, it can fly in any direction, or simply change direction effortlessly. 73 Statement on Risk Management and It can even go from full speed to a complete standstill. Internal Control Its ability to adapt as well as to weather the storm is shared admirably by Ivory Group 76 Additional Compliance Information Embracing the new decade in the hummingbird’s 77 Financial Statements undaunted spirit, Ivory Group will forge ahead and stay atop competitions with prudent and graceful 181 Group Properties flexibility in the face of the ravaging pandemic and its adverse impact on global economy by adopting 183 Analysis of Shareholdings a more cautious, enduring approach towards short and mid-term developments. 186 Notice of Annual General Meeting Administrative Guide Proxy Form IVORY PROPERTIES GROUP BERHAD Registration No.: 200401034702 (673211-M) 2 ABOUT IVORY PROPERTIES GROUP Founded over 20 years ago, Ivory Properties Group’s (“Ivory Group”) humble beginning started in 1999 with just a handful of staff members. Today, Ivory Properties Group Berhad is listed on the Main Market of Bursa Malaysia Securities Berhad and it has since made steady progress in undertaking and completing a multitude of impressive development projects totaling over RM3 billion in Gross Development Value (“GDV”) with another RM3 billion of GDV worth of projects in the pipeline. Headquartered in the beautiful Pearl of the Ivory Group focuses on customer satisfaction Orient, Penang, Ivory Group’s presence by paying attention to their feedbacks by is known not only in the state, but is also incorporating innovative designs, modern sculpting its name of a reputable and trusted lifestyle concepts and most importantly, developer in the Klang Valley. delivering quality craftsmanship and workmanship. At Ivory Group, we do not just build houses; we build homes and create communities. We We encourage our employees to explore take pride in our projects, placing great efforts their skills and expertise out of their field. and considerations towards the wellbeing of This way, our employees are all-rounded and the current and future generations to come. understand our customers better, building Hence, the tagline of “Building a Better World strong connections in alignment with the for Our Future Generations”. It is a promise to Ivory Group’s direction. Ivory Group’s vertical build homes that will last for generations. integration structure ensures its control in the construction process for a timely and quality Over the years, Ivory Group has received delivery. numerous accolades with the recent Golden Eagle Awards 2019 added to the shelf Ivory Group practices prudent resources amongst its ever growing collection of past planning. This allows Ivory Group to be flexible awards such as, the StarProperty.my Awards and prompt in responding to market demand 2019, StarProperty.my Awards 2018, Kwong via sales and marketing, product design and Wah Yit Poh Dr. Sun Yat-sen Spirit Awards customer services. By adopting latest social 2018, Sin Chew Business Excellence Awards media platforms into its communication 2018, Nanyang Siang Pau 95th Anniversary channels, Ivory Group is trending and easily Outstanding Business Award 2018 and CSR reachable to its patrons. Malaysia Awards 2018 to name a few. 3 ANNUAL REPORT 2020 CORPORATE STRUCTURE AS AT 30 JULY 2020 IVORY PROPERTIES GROUP BERHAD IVORY Registration No.: 200401034702 (673211-M) Investment Holding and Provision of Management and Marketing Services Property Development & Construction Ivory Gleneary Sdn Bhd Alshem Development Sdn Bhd 100% Registration No.: 200101013031 (548788-M) 100% Registration No.: 199101008625 (218937-A) Ivory Associates Sdn Bhd Ivory Meadows Sdn Bhd 100% Registration No.: 199901010676 (485576-P) 100% Registration No.: 199901017223 (492123-A) Tanjong Tokong Garden Ivory Square Sdn Bhd 100% 100% Development Sendirian Berhad Registration No.: 200001007981 (510587-P) Registration No.: 198201005756 (85510-X) Ivory View Sdn Bhd 100% Ivory Residence Sdn Bhd Registration No.: 201001041097 (925024-H) 100% Registration No.: 201001040777 (924702-T) Ivory Continental Sdn Bhd Ivory Villas Sdn Bhd 100% Registration No.: 199901015658 (490558-K) 100% Registration No.: 200101017566 (553323-V) Sunlink Properties Sdn Bhd Ivory Indah Sdn Bhd 100% Registration No.: 200801034817 (836156-U) 100% Registration No.: 200201025694 (593357-M) Property Management G & A Consultancy Sdn Bhd G Ivory Sdn Bhd 100% Registration No.: 200001025016 (527624-W) 100% Registration No.: 201501032056 (1157380-T) Ivory Property Management Ikhlas Johan Sdn Bhd 100% 100% Services Sdn Bhd Registration No.: 201601021944 (1192883-A) Registration No.: 200001015048 (517654-M) Ivory Uno Venture Sdn Bhd Ivory Furniture & Interior Sdn Bhd 100% [Formerly known as Ivory Koagro Uno Venture Sdn Bhd] 100% Registration No.: 200301026900 (629320-D) Registration No.: 201601034525 (1205466-V) Ivory Media Sdn Bhd 100% Ivory Dos Venture Sdn Bhd Registration No.: 201001035115 (919038-D) 100% [Formerly known as Ivory Koagro Dos Venture Sdn Bhd] Registration No.: 201601034546 (1205487-M) Ivory Times Square Sdn Bhd 100% Registration No.: 200701033377 (791405-M) Ivory Tres Venture Sdn Bhd 100% [Formerly known as Ivory Koagro Tres Venture Sdn Bhd] Ivory Utilities Sdn Bhd Registration No.: 201601034528 (1205469-P) 100% Registration No.: 200801033253 (834590-A) Ivory Place Sdn Bhd 100% TTG Holdings Sdn Bhd Registration No.: 201001040780 (924705-K) 100% Registration No.: 199501003351 (332545-U) Park Vue Realty Sdn Bhd 45% Ivory World City Sdn Bhd Registration No.: 198201013597 (93359-H) 100% Registration No.: 201501031409 (1156733-X) IVORY PROPERTIES GROUP BERHAD Registration No.: 200401034702 (673211-M) 4 CORPORATE INFORMATION BOARD OF DIRECTORS Dr Asairinachan @ Aravinachan A/L Kunjamboo Chairman/Independent Non-Executive Director Dato’ Low Eng Hock Group Chief Executive Officer Low Wei Shane Executive Director Tan Soo Mooi Independent Non-Executive Director (appointed w.e.f. 16 October 2019) Ooi Choi Kiat Non-Independent Non-Executive Director Lim Hock Siu Independent Non-Executive Director JOINT Company Secretaries SHARE REGISTRAR Thum Sook Fun AGRITEUM Share Registration Services Sdn Bhd (SSM PC No. 201908000139, MIA 24701) 2nd Floor, Wisma Penang Garden Low Seow Wei 42 Jalan Sultan Ahmad Shah (SSM PC No. 202008000437, MAICSA 7053500) 10050 Penang, Malaysia Tel : 604-2282321 Principal PLACE OF BUSINESS Fax : 604-2272391 Ivory Tower @ Penang Times Square 81-11-1, Jalan Dato’ Keramat AUDITORS 10150 George Town, Penang KPMG PLT Malaysia (LLP0010081-LCA) Tel : 604-2108000 Level 18, Hunza Tower Fax : 604-2270000 / 2108008 163E Jalan Kelawei Email : [email protected] 10250 Penang Website : www.ivory.com.my Malaysia REGISTERED OFFICE Principal BANKERS Suite 18.05, MWE Plaza Bank Islam Malaysia Berhad No. 8 Lebuh Farquhar CIMB Islamic Bank Berhad 10200 George Town, Penang Malaysia STOCK EXCHANGE LISTING Tel : 604-2631966 Main Market of Bursa Malaysia Securities Berhad Fax : 604-2628544 Stock Code : 5175 Stock Name : Ivory 5 ANNUAL REPORT 2020 PROJECTS REVIEW Status : Birch The Plaza & Commercial (Phase 1) – Completed Birch Regency & Commercial (Phase 2) – Completed The Wave & Commercial (Phase 3) – Ongoing Penang Times Square Phase 4 – Upcoming Development George Town, Penang 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 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. The project was highly commended at the Asia Pacific Property Awards in association with Bloomberg Television for Best Mixed-Use Development in 2010 and received the Honours Awards under The Northern Star Award category at the StarProperty.my Awards in
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