What Ivory Properties Group does

Ivory Properties Group Berhad is a Malaysian property development company founded in 1999 by Dato' Low Eng Hock and headquartered at Ivory Tower within the Penang Times Square development in George Town, Penang. The company develops residential, commercial, and mixed-use real estate primarily in Penang with expanding operations in Kuala Lumpur and Perak. Its portfolio spans high-rise condominiums (City Residence, The Wave, The Peak Residences), resort-themed developments (Moonlight Bay, Island Resort, The Gardens), commercial retail spaces (City Junction, The Wave Commercial, Plaza Ivory, Latitude and Peak shoplots), and large integrated mixed-use precincts (Penang Times Square, The Millennium, Grand Connaught, Sitiawan Square), totalling over 7 million square feet developed and 5,000+ homes delivered since inception.

The company operates a vertically integrated model controlling every link from land assembly to design, construction, and marketing. Revenue is generated primarily through one-time property development and sales across residential and mixed-use projects, supplemented by recurring rental income from managed commercial retail spaces and, since December 2020, a hotel in Penang acquired for RM75 million. Distribution is direct-to-consumer via show units, property exhibitions, WhatsApp, and a dedicated sales team, with brand reach amplified through a multi-channel digital presence (website, Facebook, Instagram, TikTok, LinkedIn, WeChat), industry awards, and the Ivory Living tiered loyalty program (Gold, Platinum, Diamond) that ties purchasers to a broader lifestyle ecosystem, including an Isaac Toast Korea F&B master franchise held via subsidiary Dae Bak Toast Sdn Bhd.

Listed on Bursa Malaysia (ticker: 5175) since 2010, the company reported FY2024 revenue of RM 81,539 thousand. Customers are primarily mid-market individual residential buyers seeking premium Penang properties, alongside SMB retail, F&B, and service tenants occupying Ivory's commercial developments. The company does not disclose technology-driven products or AI capabilities; competitive positioning rests on brand recognition, design-led lifestyle developments, vertical integration, and a portfolio of award-winning projects in established Penang micro-markets.

Name

Ivory Properties Group

Legal name

Ivory Properties Group Berhad

Website

https://ivory.com.my

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Ivory Properties Group Berhad is a Malaysian property developer founded in 1999 that builds residential, commercial, and mixed-use real estate primarily in Penang, with growing operations in Kuala Lumpur and Perak, serving mid-market individual buyers and SMB commercial tenants across an award-winning, vertically integrated portfolio.

Ownership category

akta.pro rank

Product category

Residential and Commercial Property Development

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Mixed-Use Property Management (BPAJAGAE)

akta.pro secondary industry

Multifamily (Apartment) Property Management (BPAJAGAD)

Keywords

• Residential property development
• Commercial real estate
• Mixed-use developments
• Lifestyle property development
• Condominium development

Headquarters

HQ city

George Town

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Property Development and Sales: Development and sale of residential properties including high-rise condominiums, landed homes, and mixed-use developments. Primary revenue stream from property sales to individual buyers and investors.
2. Commercial Property Management: Management and operation of commercial retail spaces within developments, generating rental income from tenants operating retail outlets, F&B, and services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Ivory Properties Group Berhad is a Malaysian real estate developer that designs, builds, and sells residential properties (high-rise condominiums, landed homes, resort-themed developments) and develops mixed-use precincts combining residential, commercial, hospitality, office and retail components across Penang, Kuala Lumpur, and Perak. The company also manages and operates commercial retail spaces within its developments, generating recurring rental income from tenants, and runs the Ivory Living loyalty program for property purchasers.

Product overview

Ivory Properties Group Berhad is a Malaysian real estate developer offering a diversified portfolio of residential, commercial, and mixed-use properties across Penang and Kuala Lumpur. The company's product portfolio includes high-rise condominiums and residences (City Residence, The Wave, The Peak Residences, Birch Regency, The Latitude, Moonlight Bay), resort-themed developments (Island Resort, The Gardens), commercial retail spaces (City Junction, The Wave Commercial, shoplots), and large-scale mixed-use developments (Penang Times Square, The Millennium, Grand Connaught). The company also offers Ivory Living, a customer loyalty and privilege program that provides exclusive experiences, events, and partnerships with brand partners. Properties span various locations in Penang Island (George Town, Tanjung Tokong, Batu Ferringhi, Bayan Lepas, Mount Erskine) and mainland Malaysia (Cheras, Kuala Lumpur; Bukit Mertajam; Sitiawan, Perak).

Differentiator

Problem solved

Functional benefit

Brands

• Ivory Living: Lifestyle privileges program for Ivory property purchasers offering exclusive experiences, events, partnerships with top brands, and VIP rewards tiers (Gold, Platinum, Diamond)

Quantifiable outcome

• RM 3bn+ property portfolio built since 1999
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Isaac Toast Korea (Master Franchise)minorGTM or Marketing PartnerIvory Properties through its subsidiary Dae Bak Toast Sdn Bhd holds the master franchise of Isaac Toast Korea for Malaysia, Thailand and Vietnam. This partnership, led by board member Casey Jung Kyung Chul, provides lifestyle dining experiences and brand partnerships under the Ivory Living program.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• UOA Development Berhad: Klang Valley-focused Malaysian developer of commercial and residential projects including integrated mixed-use developments. Comparable to Ivory in mixed-use and residential product focus.
• IOI Properties Group Berhad: Diversified Malaysian property developer of mixed-use developments, residential townships and commercial offices in Malaysia and Singapore. Comparable product categories and mid-market positioning to Ivory's portfolio.
• Paramount Corporation Berhad: Mid-sized Malaysian property developer focused on residential and commercial developments in Klang Valley and Penang. Comparable to Ivory in size, segment mix (residential + commercial) and Penang market exposure.
• Sime Darby Property Berhad: Large Malaysian township and integrated property developer with significant land bank and mixed-use developments. Comparable to Ivory in residential townships, commercial and integrated developments.
• Eco World Development Group Berhad: Major Malaysian property developer focused on integrated townships and mixed-use developments. Comparable to Ivory in developing lifestyle-oriented master-planned communities and high-rise residential, though at significantly greater national scale.
• Matrix Concepts Holdings Berhad: Listed Malaysian developer of residential and commercial properties with focus on integrated townships in Negeri Sembilan and broader Malaysia. Comparable to Ivory in developing lifestyle townships with mixed product mix.
• Mah Sing Group Berhad: Listed Malaysian developer of residential, commercial and industrial properties across Klang Valley, Penang, Johor and Sabah. Closely comparable to Ivory's residential+commercial mix and its Penang market presence.
• UEM Sunrise Berhad: Malaysian property developer with major master-planned developments (Iskandar Puteri, Mont Kiara). Comparable to Ivory in integrated mixed-use development expertise and high-rise residential focus.
• SP Setia Berhad: One of Malaysia's largest listed property developers, developing mixed-use precincts, residential and commercial projects nationwide. Directly comparable to Ivory as a Malaysian mixed-use and residential developer with similar project typologies, but at substantially larger scale.

Broad incumbents

• Sunway Berhad: Malaysian conglomerate with a large property division (Sunway City integrated townships, mixed-use). Overlaps with Ivory in mixed-use and integrated developments but operates across property, construction, healthcare and other segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/ivoryproperties
• LinkedInlinkedin.com/company/ivory-properties-group-berhad
• Instagraminstagram.com/ivorypropertiesgroup
• TikToktiktok.com/@ivorypropertiesgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ivory Properties Group