Seal Incorporated Bhd is relinquishing control of its 31.5-acre reclamation project in Bayan Mutiara, in a strategic move to reduce financial risk and ease funding pressure associated with the project’s long gestation period.
Under a proposed collaboration, Titanium Greenview Sdn Bhd, a wholly owned unit of GSD Land (M) Sdn Bhd, will emerge as the controlling shareholder of Mutiara Waterfronts Habitats Sdn Bhd, the project vehicle. Titanium Greenview will hold an 82.34% stake, while Seal’s subsidiary, Daiman Majumas Sdn Bhd, will see its interest diluted to 17.66% from 80%, according to a filing with Bursa Malaysia on Feb 16.
Titanium Greenview is ultimately controlled by Datuk Seri Khor Chong Hai (70%), Khor Chong Guan (20%) and Khoek Su Kiang (10%).
The collaboration involves Titanium Greenview subscribing to 9.325 million new shares in Mutiara Waterfronts at RM1 each, raising RM9.325 million. Of this, RM9.02 million will be used to fully settle outstanding sums owed by Mutiara Waterfronts to Seal. Seal will correspondingly redeem part of its redeemable preference shares (RPS) and undertake to redeem the remaining RPS without claiming further entitlements.
Separately, Daiman Majumas has agreed to acquire Biopolis Group Sdn Bhd’s 20% stake in Mutiara Waterfronts for RM15 million. Following completion of both transactions, Titanium Greenview will assume funding obligations as the controlling shareholder.
Seal said the move allows it to lower financial exposure and free up resources for higher-growth areas, while retaining upside potential through a minority stake. Upon completion of the reclamation works, Daiman Majumas will be entitled to 3.03 acres of developer land, while Titanium Greenview will receive 14.126 acres.
The Bayan Mutiara reclamation project spans approximately 31.5 acres. Mutiara Waterfronts is entitled to 40% of the net developable land, initially 9.15 acres, which later increased to 17.156 acres following an additional 8.006-acre offer from Penang Development Corporation.
The collaboration is expected to take effect by the second quarter of 2026. Although shareholder approval is not required, Seal will voluntarily seek approval at an extraordinary general meeting.
I wonder how long will this take and what will be built here.
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@Ultraman
It’s going to take another 25 years to complete.
GSD land is a smaller developer in marker cap.
Let’s take Queens waterfront as classic example. It takes about 10 years from 2018/9 to 2028/29 to compete Q1 to Q4. The location is far strategy than current GSD land reclaimed site. GSD reclaimed site is nearby river site & developer need to compensate owner with floating mosque as well. That’s some condo to be build but don’t forget the overall development plan seen half cook if not done together with hemah tuah PWC. It’s complicated actually. Hemah tuah reclaimed land is done & suppose faster than GSD. Question is who will purchase it by looking into money game history…
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Why didnt they allow Asia Green to develop this? AG did an amazing job with QW and Zen already
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@Supermen
True. There is no clear overall development plan for this.
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are you joking?
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@Minion
Yup. I’m very happy of purchase of Quaywest own stay & Zen6 for Investment.
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@LL
The WORST developer n u can still recommend? Strata titles still can’t get n many issues of leaking n tiles & wall cracking. R u a paid cyber trooper which we notice u keep selling only one developer?
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@Penanglang
I hope you don’t simply mention without proper justification.
All defects are rectified by developer & fullfilll demanding from owner. It’s a common defects for all new project & no major issue on that. It’s a great place for us to call home.
It will take some time for Strata title. It’s developer responsibility in this & stay patient.
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@Penanglang
Defects (minor and cosmetics) are all rectified by AG within 1 week. This is already beyond industry standard. Zen is comparable, if not better than Lightwater. Value buy indeed!
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@Hee Chan
Take some time for strata title?
Queens already issuing strata title whose ccc is even later than Quaywest.
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Asia Green reputation in the market is at low due to ‘Quality issues’ in their past products, ie The Clover, QW & The Zen / Zen 6.
Hope AG can deliver Good Quality in their latest ‘The Pier’ to change the perception of the Market on the quality of AG condo. The developer have to improve the Quality of their products in order to stay in this competitive market segment.
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The Pier’s has an excellent location, competitive pricing, but quality issues deter buyer from their products.
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Oh man. Im new to this page and have no grudge against AG. But somehow browsing and reading comments automatically makes me hate AG. It is wise to accept weaknesses but choosing to cover weaknesses by comparing with other projects out of the sudden just because of them being their competitor aint doing any good to AG’s image.
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From inside source, The Pier quality is top-notch~ I feel sorry for Lightwater buyers
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wapiangehh
belum siap apa quality top notch
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