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Thursday, March 26, 2009

Mudra Tropika sells 44 Nong Chik units to Dynac

JOHOR-based property developer Mudra Tropika has sold 44 units of its Nong Chik Riverside commercial project to Dynac Capital Sdn Bhd, a property investment company based in Johor Baru.

The 44 units are valued at RM43 million but it is not clear if Dynac paid that much.

Mudra Tropika executive chairman Datuk Mohd Rashidi Mohd Nor said the first phase of the project will be launched in June. However, Dynac Capital can start marketing the 44 units.

Nong Chik Riverside, an international leasehold project covering 2.75ha, comprises 54 units worth some RM60 million. The land for the three-storey buildings, located along Sungai Chat, Johor Baru, is owned by the state investment arm, State Secretary Inc.

Mohd Rashidi said Mudra Tropika has yet to decide on what to do with the remaining units.

Next on its agenda is the launch of the Mustapha Garden, a high-end housing project comprising 17 bungalows in Jalan Mustapha.

Mudra Tropika is also the first developer to build the honeycomb housing concept called the Nong Chik Heights in Jalan Kolam Air. This means houses would not have fences and they would be clustered around courtyards built on Malay reserve land.

He said it has sold 60 per cent of the 120 units of the houses under phase one of the Nong Chik Heights. He is confident the project will do well because of its novelty, location and pricing of between RM290,000 and over RM400,000.

By Business Times (by Chuah Bee Kim)

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