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KUALA LUMPUR: With four major projects in the works and several launches planned for the next 12 months, Mutiara Goodyear Development Bhd (Mutiara) is expecting a financially strong year ahead.
The four projects are Mutiara’s flagship development, Nadayu at Taman Melawati with a gross development value (GDV) of RM1 billion; the mixed development Nadayu 92 at Kajang with a GDV of RM220 million for phase 1; another mixed development at Bandar Sunway; and an 8-acre high-end residential development in Penang.
Its executive chairman Hamidon Abdullah however said that the company is cautiously looking at the take-up rate.
“We are confident with our products, so we expect good take-ups for all our projects but it is the extent of the take-up we want to see. If it all goes well, we may slot in a launch for our joint-venture project in Cyberjaya,” Hamidon said during the press conference held after Mutiara’s 31st Annual General Meeting (AGM) on Wednesday, October 27.
Mutiara has recently entered into a joint venture with MK Land Holdings Bhd to develop a 15.6-acre parcel of freehold land in Cyberjaya, which Hamidon revealed will comprise landed properties and high-rise apartments.
“It is still very early but we estimate the GDV to be in the region of RM450 million,” said Hamidon.
Of the four projects, Hamidon is most enthusiastic about the Penang development. Calling it an “iconic” development, it comprises three blocks of condominiums and seven bungalows on top of a hill overlooking the sea and Penang Bridge.
“We are on the right track to develop a very high-end development in Penang with quality of international standards and a key focus on green elements,” said Hamidon, adding that he has plans to have the project certified as a green development.
Hamidon said that Mutiara is working with foreign consultants on how to integrate green technology into the development.
The project has an estimated GDV of RM400 million and is a joint venture with Affin Bank. Hamidon is looking at a minimum of 150 units of condominium to be developed over three years.
Mutiara currently has a landbank of 1,000 acres, mostly in Klang Valley and Penang, two areas that Mutiara would focus on.
“We are consciously rearranging our landbank to maximise resources and address the market we want. For example, we have land in Cheras but it does not make sense for us to run projects in so many different parts of the state,” he said.
Moving forward, Mutiara is looking to position the company as one of the preferred property developers in the country with faster turnover of its projects and better profitability from good-quality properties at a reasonable cost.
“We are very mindful of delivering what we say, and what the buying public wants. We are charting a new image for ourselves as a serious developer that gives value for money, as well as an environmentally responsible developer,” said Hamidon.
The shareholders of Mutiara have approved a 3.5 sen dividend payout and passed all of the company’s resolutions at the AGM.
The four projects are Mutiara’s flagship development, Nadayu at Taman Melawati with a gross development value (GDV) of RM1 billion; the mixed development Nadayu 92 at Kajang with a GDV of RM220 million for phase 1; another mixed development at Bandar Sunway; and an 8-acre high-end residential development in Penang.
Its executive chairman Hamidon Abdullah however said that the company is cautiously looking at the take-up rate.
“We are confident with our products, so we expect good take-ups for all our projects but it is the extent of the take-up we want to see. If it all goes well, we may slot in a launch for our joint-venture project in Cyberjaya,” Hamidon said during the press conference held after Mutiara’s 31st Annual General Meeting (AGM) on Wednesday, October 27.Mutiara has recently entered into a joint venture with MK Land Holdings Bhd to develop a 15.6-acre parcel of freehold land in Cyberjaya, which Hamidon revealed will comprise landed properties and high-rise apartments.
“It is still very early but we estimate the GDV to be in the region of RM450 million,” said Hamidon.
Of the four projects, Hamidon is most enthusiastic about the Penang development. Calling it an “iconic” development, it comprises three blocks of condominiums and seven bungalows on top of a hill overlooking the sea and Penang Bridge.
“We are on the right track to develop a very high-end development in Penang with quality of international standards and a key focus on green elements,” said Hamidon, adding that he has plans to have the project certified as a green development.
Hamidon said that Mutiara is working with foreign consultants on how to integrate green technology into the development.
The project has an estimated GDV of RM400 million and is a joint venture with Affin Bank. Hamidon is looking at a minimum of 150 units of condominium to be developed over three years.
Mutiara currently has a landbank of 1,000 acres, mostly in Klang Valley and Penang, two areas that Mutiara would focus on.
“We are consciously rearranging our landbank to maximise resources and address the market we want. For example, we have land in Cheras but it does not make sense for us to run projects in so many different parts of the state,” he said.
Moving forward, Mutiara is looking to position the company as one of the preferred property developers in the country with faster turnover of its projects and better profitability from good-quality properties at a reasonable cost.
“We are very mindful of delivering what we say, and what the buying public wants. We are charting a new image for ourselves as a serious developer that gives value for money, as well as an environmentally responsible developer,” said Hamidon.
The shareholders of Mutiara have approved a 3.5 sen dividend payout and passed all of the company’s resolutions at the AGM.
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