Ivory Properties
How their buildings read
2 fair
Outcomes still vary building by building. Check the building, not the brochure.
What we found
Ivory was reported in 2008 to be targeting revival of the abandoned Fettes Villa project in Tanjung Tokong, which had been left unbuilt for more than 10 years, with a three-year target.
The evidence
Delivery
NegativeA 2016 property article reported Ivory Properties was reviving a previously abandoned development with a revised RM8 billion gross development value.
2 more findings
Ivory's court-sanctioned scheme of arrangement to complete Penang Times Square's delayed remaining phases was reportedly blocked when representatives of MBI, a major purchaser, voted against it.
Ivory's subsidiary Ivory Gleneary owed RM73.6 million in liquidated ascertained damages to purchasers of Penang Times Square Phase 3 as of 31 March 2024, the main driver of its financial difficulties.
Regulatory and legal
NegativeBank Islam Malaysia obtained a summary judgment against Ivory Properties over a RM17.76 million loan, with the case later transferred to the Penang High Court, according to Ivory's bourse filing.
2 more findings
Ivory Properties was granted a three-month High Court restraining order in Penang in April 2024 to stop creditors from pursuing winding-up, execution or arbitration while it sought a scheme of arrangement.
Ivory Properties slipped into PN17 status in 2022 after its auditors KPMG PLT issued a disclaimer of opinion on the FY2022 financial statements.
Corporate continuity
NegativeIvory Properties' subsidiary Ivory Gleneary Sdn Bhd was placed into creditors' voluntary winding-up with interim liquidators appointed in September 2025 as part of a regularisation plan, after slipping into negative equity.
3 more findings
Ivory Properties' Bursa announcements show it appointed a receiver and manager for subsidiary Ivory Indah Sdn Bhd in August 2025 and its CEO Datuk Low Eng Hock resigned in the same period.
Ivory Properties' Bursa filings show the group sold The Birch House commercial building for RM18 million in 2025 to repay bank borrowings.
Ivory Properties was removed from Bursa Malaysia's Main Market on 14 October 2025 after Bursa rejected its request for a further extension to submit a regularisation plan.
