KUALA LUMPUR: Property developer Mutiara Goodyear Development Bhd targets to launch several high-end property projects with a total gross development value (GDV) of about RM1.6bil in the next 12 months.
Hamidon Abdullah says the Malaysian property market is on an upward trend.
Executive chairman Hamidon Abdullah said the Malaysian property market was on an upward trend and the timing was just right for the launch of its matured projects.
Hamidon Abdullah said the property projects that would be launched (in phases) were the Nadayu Melawati high-end property development comprising luxury bungalows, semi-detached homes, super links and commercial units (GDV: RM850mil).
The project is slated for completion by 2012.
Other property projects to be launched next year are the Nadayu 92 Kajang (GDV: RM250mil) and Nadayu 28 Sunway (GDV: RM300mil).
Hamidon said the company would launch another property project known as Nadayu Penang (GDV: RM450mil) by next year.
Interestingly, Nadayu Penang is a property project under a 50:50 equity partnership with Affin Bank Bhd.
Hamidon said that with Affin Bank as a partner it would place the company in a stronger financial position.
“All these property projects will keep us busy for several years,” he said after Mutiara’s AGM yesterday.
Hamidon said the company’s high-end property project this year – Prima Avenue, with a GDV of RM120mil – had been completely sold out and slated for completion in the first quarter 2011.
On the company’s performance, Mutiara executive director Lim Beng Guan said the company had taken the option of early adoption on issues of Committee Interpretation 15 (IC 15), which essentially recognises revenue based on completion of project as against the previous practice of percentage of completion.
“If we had not early adopted IC 15 and revenue recognition based on percentage of completion of project, Mutiara’s revenue and net profit for the financial year ended April 30, 2010 (FY10) would have been RM124.2mil and RM17.7mil respectively,” Lim said.
Mutiara recorded a net profit of RM3.2mil and revenue of RM52.6mil for FY10.
Earnings per share for the year under review stood at 1.4 sen and net assets per share was RM1.35.
On the offer of 97 sen per share to buy back Mutiara’s shares not held by Atis IDR Ventures Sdn Bhd, a company that currently holds a 52% stake in Mutiara, Lim said Mutiara shareholders were told by their independent adviser PM Securities Sdn Bhd to reject the offer.
“Some shareholders had accepted the 97 sen per share offer, while others had chosen not to do so. So long as Mutiara is transparent, shareholders can decide on their own accord,” Lim said.
The first closing date for the offer is Nov 8.
By The Star
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