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

Atlantic sits on a prime freehold land on mainland Penang that offers enchanting and breathtaking view of Penang Island. Unique Modern Contemporary Design optimizes comfort but not at the expense of luxury. It is designed to be an exclusive beachfront low-density apartment enclave with amenities at its vicinity.

Atlantic is a mere 10 minutes drive from the Jetty Terminal and Penang Bridge, Easily accessible to North-South Highway and Butterworth Outer Ring Road.

Features:
– Seaview Gymnasium
– Seaview Reading Corner
– Pool Table
– Dart Boards
– Table Tennis
– BBQ Area
– WiFi Zone
– Roof Top Landscaping

Location : Jalan Bagan Jemal, Butterworth, Penang
Property Type : Apartment/Condominium
Land Tenure : Freehold
Total Units : 54 (Typical), 3 (Penthouse)
Developer : Kee Lin Development
Contact No.: +604-261 8461

THE Plenitude Penang International Dragon Boat Festival will be held at the Teluk Bahang Dam on June 11 and 12.

State Tourism Development and Culture Committee chairman Danny Law said Plenitude, a listed company involved in property development, was the sponsor of the event this year.

He said 12 teams from Australia, China, Hong Kong, Indonesia, Macau, Singapore, United Arab Emirates (UAE), Guam and the Philippines and 16 Malaysian teams from Kuala Lumpur, Putrajaya, Kedah, Perak, Penang, the police and the navy would take part in the more than 10 categories lined up.

Law added that three junior teams from schools would also be taking part in the event.

The dragon boat races will be held from 9am to 6pm on both days.

A photography competition, which is a new side event, will be introduced this year.

“The top three winners will receive RM500, RM300 and RM100 respectively,” he said.

“Participants are required to take photos on both days. Results will be announced a week after the event,” Law said.

He said those interested in taking part in the dragon boat races could call 04-6505136, the event hotline at 016-4110000 or visit www.penangdragonboat.gov.my.

Law said a school band carnival would be held on June 12 near the dam in conjunction with the race.

SOURCE: The Star

Caribea & Casuarina is the latest addition to the Isle of Conifer @ Setia Peral Island. This new development comprises 8 units of 3-storey semi-detached and 37 units 3-storey terrace houses.

Property Project : Isle of Conifer @ Setia Pearl Island
Location : Setia Pearl Island, Sungai Ara, Penang
Property Type : Terrace, Semi-Detached
Total Units : 37 (Terrace), 8 (Semi-D)
Indicative Price : RM988,000 onwards
Developer : SP Setia

KUALA LUMPUR: Property developer PJ Development Bhd (PJD) will build two new residences and a hotel for RM400 million to grow its hospitality business.

Swiss-Garden International Sdn Bhd (SGI) group general manager for sales and marketing Francis Lee said PJD will build the properties starting end of this year for completion in two to three years.

The residences will be located in Butterworth, Penang, and Kuantan, Pahang, and the hotel in Cameron Highlands, carrying the Swiss-Garden brandname.

"We are seeking to expand the hospitality business in line with the expected growth in the tourism sector. We are upbeat on the market and believe there will be strong demand for our products," Lee said.

SGI, the wholly-owned hospitality arm of PJD, currently owns and operates eight hotels, resorts and inns in Peninsular Malaysia and a lodge in Sydney, Australia. It also manages a resort in Sandakan, Sabah.

All the properties have an occupancy of more than 65 per cent per annum.

Lee was speaking to Business Times recently, in conjunction with the soft opening of the Swiss-Garden Residences Kuala Lumpur.

The residences in Kuala Lumpur, comprising two towers with 33 and 37 storeys each, were built for RM330 million.

They have 478 apartments ranging from 550 sq ft to 2700 sq ft, sold with leaseback options.

The property enables investors to buy the units with an annual guaranteed return of 7 per cent per annum for five years.

Lee said the residences in Butterworth and Kuantan will be built and sold with the same concept.

Swiss-Garden Residences group general manager for central region Rayan Komatt said he expects 63 per cent occupancy in the first year of operation, with an average rate of RM330 per room a night.

"We are targeting domestic and foreign travellers and corporate clients from Asia Pacific and Europe. We will operate three food outlets at the residences ourselves and therefore expect a gross operating profit of 45 per cent," he said.

SOURCE: Business Times