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Saturday, June 11, 2011

Mutiara Goodyear plans RM1b project

KUALA LUMPUR: Property developer Mutiara Goodyear Development Bhd plans to build commercial and residential units worth some RM1 billion on a 1.4ha site along Jalan Sultan Ismail here.

Last week, Mutiara Goodyear told Bursa Malaysia that it will buy the land for RM215.5 million from UDA Holdings Bhd.

The land is sited next to the Sheraton Imperial Hotel and behind the Asian Heritage Row.

Mutiara Goodyear executive director Cheang Chee Leong said the deal is pending approval of the Finance Ministry.

"Our current focus is to complete the transaction of the land. The project has a development order since 2005. It would have to be reassessed as the original plan was done in 2003," he said after the company shareholders' meeting here yesterday.

Cheang said Mutiara Goodyear plans to borrow up to RM170 million to fund the deal. "We will borrow about 70 per cent of the RM215.5 million."

On whether Mutiara Good- year plans to diversify, executive chairman Hamidon Abdullah said the company will focus on property development.

Hamidon joined the board of Mutiara Goodyear following the takeover of the company by Atis Corp Bhd.

In September 2010, Atis Corp and wholly-owned subsidiary Atis IDR Ventures Sdn Bhd took over Mutiara Goodyear.

As at April 22 this year, ATIS IDR Ventures Sdn Bhd owned 60.8 per cent of Mutiara Good- year.

At the AGM, shareholders approved the proposed name change to Nadayu Properties Bhd.

This will be formalised in two weeks to better reflect the change of new management and company branding strategy.

Hamidon said the company will launch several projects, mainly residential, worth RM1.3 billion in gross development value by the end of the year.

Among the upcoming launches are Nadayu 28 Sunway, Nadayu 290 Penang and Nadayu Cyberjaya.

Currently, Mutiara owns 347-ha of land, of which 68.4ha is in the Klang Valley, while the balance is in Penang.

By Business Times

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