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Friday, January 18, 2008

Mutiara owns Jurus Positif in RM28million deal

PROPERTY developer Mutiara Goodyear Development Bhd will fully own Jurus Positif Sdn Bhd under a RM27.6 million deal as it seeks to boost profits.

Yesterday, it signed an agreement with Meganzi Sdn Bhd to buy the remaining 50 per cent of Jurus Positif.

Mutiara Goodyear chief executive officer Kee Cheng Teik said the purchase was a natural progression by the company to consolidate its shareholding in Jurus Positif and reap the maximum benefits from its current and future projects.

KEE: We expect the acquisition to contribute positively to future earnings

"We deem this acquisition as a strategic investment and expect this acquisition to contribute positively to the group's future earnings," he said in a statement yesterday.

One of Jurus Positif's notable property development projects is Taman Mutiara Gombak, Selangor, which comprises 321 double-storey terrace and semi-detached houses under Phase 1.

With a gross development value of RM160 million, Taman Mutiara Gombak is almost fully sold. It is expected to be completed in the third quarter of this year.

This will be followed by the launch of Phase 2, which comprises terrace shop-offices.

Apart from Taman Mutiara Gombak, Jurus Positif is developing a shopping podium and two prime office towers on 1.88ha in Bandar Sunway, Petaling Jaya.

It is also in active discussions to buy strategic land in Penang, which is in line with Mutiara Goodyear's expansion strategy.

"We (Mutiara Goodyear) are planning to launch a few projects this year which target the high-end market," he said.

By New Straits Times

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