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Tuesday, July 29, 2008

Mutiara Goodyear and Kajang Heights team up

PETALING JAYA: Mutiara Goodyear Development Bhd is teaming up with Kajang Heights Development Sdn Bhd to undertake a property project with a gross development value of RM430mil.

Under the agreement signed yesterday, Mutiara unit Regal Form Sdn Bhd would build mixed commercial and residential properties on Kajang Heights’ 27.6ha site in Kajang, of which 21.5ha would be for houses and the remaining 6.1ha for shoplots.

Mutiara chief executive offer Kee Cheng Teik said in a statement the joint venture would allow both parties to combine their resources and expertise to add value to the proposed development. The completion date for project was five years.

Under the agreement, Kajang Heights would be entitled to RM50mil or 22% of the GDV, whichever was higher, from the project with initial payment of RM6mil. Its entitlement could also be satisfied via unsold units in the project based on the launch price.

By The Star

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