That was ended when it roped in Dijaya Corp Bhd. They now plan to build residential and commercial properties on the land, estimated to generate sales of some RM10 billion.
This is not their first tie-up. Within the Batu Ferringi tourism belt, Dijaya has a joint-venture project called "10 Island Resort" with Ivory.
In Bukit Mertajam, Dijaya has a mixed development project dubbed Aston Villa, in which Ivory is the turnkey developer.
But that partnership has overshadowed an interesting fact. Penang has now seen the entry of two highly successful businessmen and both happen to be brothers.
Dijaya is controlled by Tan Sri Danny Tan Chee Sing, the younger brother of Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan Chee Yioun.
Barely three months ago, the senior Tan made a comeback to Penang as a property developer after a hiatus of nearly two decades.
The Berjaya Group - via Berjaya Land Development Sdn Bhd - signed a deal to buy 22.8ha of prime freehold land within the Penang Turf Club for RM459 million.
At the signing ceremony in Penang, Vincent did not mince his words in expressing his displeasure with the previous state government.
Vincent's approval of the current state administration is a strong signal to other developers that the island state has plenty of potential.
And this probably explains Danny's continued interest.
The latest alliance with Ivory is a very big undertaking and one which will ensure its presence in the state for many years to come.
Danny, the man behind Petaling Jaya's Tropicana Golf and Country Resort, will have his hands full with the latest venture. As for Vincent, he did not discount the possibility of enlarging Berjaya Group's footprint in Penang.
Together, the Tan brothers will be a force to be reckoned with in Penang.
By Business Times
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