Ivory Properties revokes land deal with Chin Hin after subsidiary's liquidation

• In a separate filing, Chin Hin stated the revocation and said the land would be sold to a new third-party buyer instead.

PETALING JAYA (April 17): Ivory Properties Group Bhd has revoked its earlier agreements to sell a parcel of freehold land in Penang, after its subsidiary, Ivory Gleneary Sdn Bhd (IGSB) entered creditors’ voluntary liquidation.

In an exchange filing on Wednesday, Ivory Properties said the revocation involves a sale and purchase agreement (SPA) between IGSB and Chin Hin Property (Penang) Sdn Bhd (CHPPSB), and an exclusive right agreement involving Ivory Utilities Sdn Bhd (IUSB), BKG Development Sdn Bhd, and CHPPSB. Both deals were signed in January 2024.

The 1.22-acre land, part of the Penang Times Square development, was earmarked for a multi-storey residential project. However, with IGSB now under the control of appointed liquidators, the agreements will be formally revoked through a deed of revocation.

Meanwhile, in a separate filing, Chin Hin stated the revocation and said the land would be sold to a new third-party buyer instead.

Under the deed of revocation signed on April 16, IGSB is required to ensure the new purchaser pays CHPPSB RM2 million as reimbursement for costs, expenses and liquidated damages tied to the cancelled agreements.

With this, the SPA, exclusive right agreement, and all related documents, including a power of attorney granted by IGSB to CHPPSB, will be considered void. Ivory Properties also stated that the personal guarantee issued by its group CEO Datuk Low Eng Hock will be released as part of the revocation process.

Ivory Properties said the revocation is not expected to have a material impact on its financial performance for the year ending March 31, 2025.

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