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Thursday, August 7, 2008

Mutiara Goodyear to launch two projects

KUALA LUMPUR: Mutiara Goodyear Development Bhd will launch two projects this year despite rising building material costs, says chief executive officer Kee Cheng Teik.

Kee Cheng Teik

He said it would launch Prima Avenue within two weeks and a residential project in Melawati by year-end or first quarter of next year.

“We think it is a good time to launch now because there are not many projects currently. As long as our projects provide value for money, I think we still can stand well,” he said after the company EGM yesterday.

He said Mutiara Goodyear was confident of its product designs, good mix of properties and good locations.

It was not so concerned about building material prices because they would settle down at a certain level eventually, he said.

Kee said the company had started making arrangements, like direct purchase of materials from factories, to mitigate the higher costs but it was happy with its current profit margin.

“We foresee healthy property demand in the Klang Valley and Penang,” he said.

He added that the recent oil price hike did not really impact the property sector n the two areas.

However, the uncertainties might put purchasers' plans on hold for a while, he said.

The freehold Prima Avenue at Dataran Prima, Tropicana, comprises two towers of office suites and retail lots, and has a total gross development value (GDV) of RM120mil.

The 80-acre Melawati project, which has yet to be named, will consist of bungalows, link houses and commercial lots, with a total GDV of RM800mil.

Kee said after disposing of 253.72 acres in Seberang Perai Selatan to Tambun Indah Development Sdn Bhd for a joint-venture project, Mutiara Goodyear had about 45.6 acres left in Bandar Tasik Mutiara.

The group has a total of about 891 acres land bank in Penang and the Klang Valley. With an estimated total GDV of RM4.1bil when fully developed, the projects would be launched within five years, he added.

By The Star

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