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Thursday, October 30, 2008

Mutiara set to launch RM1b worth of projects

KUALA LUMPUR: Mutiara Goodyear Development Bhd plans to launch about RM1bil worth of projects next year despite the poor economic outlook, said chief executive officer Kee Cheng Teik.

“Although the economic uncertainty has hit investors’ confidence level, there was demand for good projects with good locations especially in the Klang Valley and Penang,” he said after the company AGM yesterday.

From left: Mutiara Goodyear Development Bhd executive director Lim Beng Guan, Mutiara Goodyear Development Bhd CEO Kee Cheng Teik and Mutiara Goodyear Development Bhd executive chairman Hamidon Abdullah at the company's AGM on Wednesday. - Starpic by T.K. Lim

Kee said the company would be prudent to maintain a strong balance sheet.

“We will be more careful as to which projects we would launch first, depending on market conditions while focusing on containing costs involved.”

Mutiara had a net cash flow of about RM50mil as at July 31.

Projects in Mutiara’s pipeline include a commercial block in Sunway in Petaling Jaya, a 69-acre housing scheme in Kajang and a 456-acre mixed development project in Penang.

The company is also involved in the exclusive 80-acre freehold Nadayu property project near Taman Melawati in Kuala Lumpur, that will be launched by the first quarter of 2009.

Kee, referring to talk that banks were limiting borrowings for property developers, assured that all of Mutiara’s projects had sufficient financing.

“Our bankers have been very supportive of our projects,” he said.

Mutiara was looking to increase its landbank, which currently stood at about 890 acres in the Klang Valley and Penang, Kee said.

He added that the company was also exploring opportunities to develop properties overseas, especially in countries like Vietnam and China.

By The Star

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