Sign of the times


Penang's commercial property market is on the up and up with more new malls making their appearance. One new giant Penang . Times Square, developed by Ivory Properties is taking a brave new approach to retail and entertainment.

DATO' KERAMAT in Penang is a rundown, crowded neighbourhood just outside George Town's CBD and heritage zone; putting it bluntly, not exactly the location of choice for a premier lifestyle mall. The area was once home to one of Malaysia's oldest smelting works — Escoy Smelting — which introduced Straits Refined Tin to the world. The smelting works have long closed down, leaving behind a legacy of grimy shophouses, small foundries and hardware businesses. The scene seemed set for the long, slow slide into urban decay until 2004, when Ivory Properties announced their intention to redevelop the site and transform it into a commercial and residential development grandly christened Penang Times Square.

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