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Tuesday, June 17, 2008

Mutiara Goodyear in housing project tie-up

PETALING JAYA: Mutiara Goodyear Development Bhd is teaming up with Tambun Indah Sdn Bhd for a residential development project in Seberang Perai, Penang with a gross development value (GDV) of RM776mil.

Mutiara said the development would be carried out on three parcels of its freehold land measuring 253.7 acres. These parcels are part of the 710 acres owned by Mutiara. It set up a joint-venture company, Tambun Indah Development Sdn Bhd, in which Mutiara unit Pembangunan Bandar Mutiara would hold 30%. Tambun Indah's two shareholders would have the balance 70%.

Under the exercise, Tambun Indah Development would buy the land from Mutiara for RM123.5mil and then undertake the project.

By The Star

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