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Mutiara Goodyear to develop 527-acre land in Penang with Tambun Indah

May 4th, 2011 Leave a comment

KUALA LUMPUR: Mutiara Goodyear Development Bhd (Mutiara) is partnering with Tambun Indah Land Bhd (Tambun Indah) to develop a 527-acre land in Seberang Perai.

Mutiara via its wholly-owned subsidiary, Pembangunan Bandar Mutiara (PBM) has entered into a joint venture (JV) agreement with Tambun Indah on Wednesday, May 4.

The JV is a continuation of partnership between Mutiara and Tambun Indah following a previous JV to develop 253 acres of land in Bandar Tasek Mutiara in 2008. The two JV have a combined total acreage of 678 acres.

“I am pleased to be able to work together with Tambun Indah on this project and our partnership track record is evident in the on-going Pearl Garden township development with a gross development value of over RM150 million. Further, with this partnership, both Tambun Indah and Mutiara will jointly benefit in the development,” said Hamidon Abdullah, executive director of Mutiara in a press statement on the same day.

Tambun Indah has since launched 685 units of homes under Pearl garden with take-up rate of 86%.

The Seberang Perai JV will be carried out through Palmington Sdn Bhd (Palmington). Palmington is 40% and 60% owned respectively by PBM and Tambun Indah. Palmington will acquire from PBM five parcels of land totaling 527 acres for RM233.2 million, to be paid on deferred basis over a period of 4 years.

Moving forward, Mutiara will continue to focus in developing projects under the Nadayu brand namely, Nadayu Melawati, Nadayu 92 Kajang, Nadayu 28 Sunway, Nadayu 290 Penang and Nadayu Cyberjaya, added Hamidon.

This JV is expected to enhance Mutiara's earnings as it will continue to participate in and benefit from the development of Bandar Tasek Mutiara and at the same time benefit from the sale of land to the JV company.



SOURCE: The Edge Property

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