Mutiara Goodyear plans to launch RM1.5b properties

Mutiara Goodyear Development Bhd, a mid-sized property developer, plans to launch RM1.5 billion worth of residential and commercial properties in the Klang Valley and Penang over the next year.

The properties will be divided into seven launches, starting from next month until the end of 2010.

"We are ready to launch the properties, but as to when, we will have to assess the market," its executive chairman Hamidon Abdullah told reporters after the company's annual general meeting and extraordinary general meeting in Kuala Lumpur yesterday.

"The approval and finances are in place," Hamidon said.
"The launches will start from next month onwards and will keep us busy until the end of next year," he added.

Its chief executive officer Kee Cheng Teik said the projects are being spread out so that the company can manage them well.

"In fact, we were ready to be put up (the properties) in the market last year, but had to delay them (due to the economic slowdown)," he said.

In its annual report 2009, Mutiara Goodyear said it plans to build 142 units of high-end bungalows and 46 units of superlink homes in Taman Melawati, Ampang.

It is also developing Mutiara Kajang project in Kajang, Selangor that features 392 units of bungalows, link houses, superlink homes and semi-detached homes.

Additionally, Mutiara Goodyear has teamed up with Tambun Indah Sdn Bhd to embark on a 101.48ha residential development project in Seberang Prai, Penang.

Meanwhile, the company is looking to acquire more land to add to its existing 356ha of landbank in the Klang Valley and Penang.

For the financial year ended April 13 2009, Mutiara Goodyear posted a net profit of RM17.39 million on revenue of RM91.3 million.

By Business Times (by Kamarul Yunus)