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Tuesday, June 19, 2012

Mulpha Land: Boutique projects on drawing board

PETALING JAYA: Mulpha Land Bhd, which has four on-going projects with gross development value (GDV) of RM800 million, plans to add more developments in the short term.

Executive director Ghazie Yeoh Abdullah said Mulpha Land will be busy for the next five years, launching boutique developments and expanding into new horizons.

"We have to look at where we want to be in the next three years, and five years. We are opening up into different sectors, and moving into high-growth areas," Ghazie told Business Times in an interview.

Ghazie said part of the bigger plan for the company is to acquire land in Kuala Lumpur, Selangor and in the northern states, as well as undertake property development projects on privatisation basis and joint ventures.

He added that the key is to buy sizeable land that can generate huge GDV and good returns.

"We want to grow our GDV to previous records. We plan to stick to bite-size products as the market seem to be acquiring that. We are expanding our market reach to foreign property buyers," Ghazie said.

He added that Mulpha Land's vision is in line with its parent, Mulpha International Bhd, which is to grow to new heights.

Mulpha International, a diversified conglomerate with shareholder's fund exceeding RM2.9 billion, owns 70.54 per cent of Mulpha Land.

Mulpha Land's existing projects are Bangsar Enclave in Bangsar and Raintree Residence in Ampang, Kuala Lumpur, Bukit Punchor in Penang, and Desa Aman in Kulim, Kedah.

The company has in its pocket, undeveloped land of up to 250ha in the central and northern regions, which will be developed over the next five to eight years, Ghazie said.

Ghazie said all existing and new projects by the company will be Green Building Index rated.

He said Mulpha Land is gearing to introduce its next exclusive project, six luxury bungalows in Bukit Tunku, Kuala Lumpur, targeting high networth locals and Arabs.

Ghazie was appointed to the board of Mulpha Land on May 22 2012, to spearhead business development for the company, including land purchase and new product design.

He has been offered by Mulpha International to exercise the option to acquire 30 million ordinary shares of RM0.10 each in Mulpha Land at a price of RM1.16 per share.

If successful, this means Ghazie will hold 32 per cent of Mulpha Land while Mulpha International will have 38 per cent stake remaining in the property development company.

Mulpha International will receive cash of RM34.8 million if all the call options are exercised.

By Business Times

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