The Tans are stamping their presence in Penang in a big way.
The Tan brothers are involved in two of the biggest deals on the island in recent months.
Vincent Tan’s Berjaya had signed a deal to buy 57 acres of super-prime land from the Penang Turf Club not long ago.
Now, younger brother Danny has entered into the Bayan Mutiara picture almost unnoticed by the public. Ivory Properties had bought the 103 acres of super-prime sea-front land (between the two Penang bridges) from PDC for RM1.1bn. The firm then entered into a 51:49 joint venture with Dijaya to develop the RM10bn Penang World City project. Danny has a 31 per cent stake in Dijaya, according to the firm’s 2010 Annual Report.
Have a look at the details of the Ivory-Dijaya joint venture.
See this Business Times article.