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Friday, June 13, 2008

Mutiara Goodyear in Penang venture with Tambun Indah

PROPERTY developers Mutiara Goodyear Development Bhd and Penang-based Tambun Indah Group are jointly developing a RM776 million residential development in Seberang Prai, Penang.

Situated on three parcels of freehold land measuring 101.48ha, it is part of the remaining 284ha piece of land owned by Mutiara.

Mutiara's landbank in that area originally stood at 434ha, of which 150ha has already been utilised to develop the Bandar Tasek Mutiara township that houses over 4,000 units.

In a statement yesterday, Mutiara said a joint venture company called Tambun Indah Development Sdn Bhd has been established.

Mutiara's wholly-owned subsidiary, Pembangunan Bandar Mutiara Sdn Bhd holds a 30 per cent stake in the company, while Tambun Indah's two major shareholders - Siram Permai Sdn Bhd and Amal Pintas Sdn Bhd - have a 55 per cent and a 15 per cent stake, respectively.

Tambun Indah Development will purchase all three parcels of land from Mutiara for RM123.5 million and will undertake the development of residential properties on the land in phases.

By New Straits Times

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