“We are fine tuning the plans now, submitting the amendments for approval.
We will start work within the next one to two months,” said Lawrence Lau (pix), senior general manager of Bina Goodyear.
The project, on 8.6 acres of freehold land, had been delayed due to changes in plans, said Lau. Initial plans for the land were to develop medium to high-end apartments, which were then changed to “lower density condominiums” before its current plans to build landed homes. These
changes were made due to “changes in the property market”, Lau told PropertyPlus.
The semidees would have built-ups between 4,000 sq ft and 4,200 sq ft with an average price of RM1.4 million each. There would possibly be three or four units of bungalows within the development, which would take two years to complete.
Bina Goodyear also expects to launch its first joint-venture (JV) development within the next six to nine months. The 30:70 JV with Mutiara Goodyear Development Bhd (Mutiara Goodyear) is a residential project on 80 acres located in Melawati, Ampang, close to Selangor Dredging Bhd’s 20trees.
“The expected gross development value (GDV) is RM464 million. There will be 142 units of bungalows sized between 6,000 sq ft and 6,600 sq ft,” said Lau, adding that about 60 acres of the land is freehold while the rest is leasehold. Mutiara Goodyear would be managing the project, said Lau.
Bina Goodyear previously completed and handed over its maiden project, a commercial development, in 2004. Located in Taman Pusat Kepong, the development comprises 4-storey shophouses and 4- storey shopoffices.
“Property development (for Bina Goodyear) is pretty small now, but we will try to improve via a landbank and JVs,” said Lau. Although its core business is in construction, Lau said it could expect a higher percentage of income from property development in time to come.
According to Lau, the company is sourcing for land outside of Kuala Lumpur, but has not secured any deals at the moment.
By theSun (by Yeong Ee-Wah)
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