PETALING JAYA: Chin Hin Group Property Bhd is tying up with Ivory Properties Group Bhd to jointly develop the Crown Penang, a sustainability-focused, low-density serviced residence development.

In a statement, Chin Hin said its subsidiary, Stellar Platinum Sdn Bhd, had entered into a joint development agreement (JDA) with Ivory Meadows Sdn Bhd, a wholly-owned subsidiary of Ivory Properties Group, to jointly develop the project.

The development marks Chin Hin’s maiden foray into Penang.

Under the JDA, Stellar Platinum will fund the entire project development cost through capital injection, internal funds and secure financing facilities, while Ivory Meadows will continue to manage the development of the project, including planning, construction as well as marketing and sales.

Stellar Platinum will be seeking a collaborative partner to take up 30% of its stake.

“Envisioned to be a sustainability-focused, low-density, landmark development with minimalist architecture, the 41-storey Crown Penang has an estimated gross development value of RM475mil and will comprise 588 units of residences featuring cutting-edge smart home technologies within a tranquil urban resort setting.

“The development is targeted to be completed in 2027,” said Chin Hin.

Source: https://www.thestar.com.my/business/business-news/2023/05/05/chin-hin-to-develop-crown-penang-with-ivory-properties