Mutiara Goodyear buys prime land in KL

KUALA LUMPUR: Main Market-listed Mutiara Goodyear Development Bhd is acquiring a freehold prime land along Jalan Sultan Ismail in Kuala Lumpur of approximately 3.56 acres from UDA Holdings Bhd for a cash consideration of RM215.5 million.

The site is strategically located next to the Sheraton Imperial Hotel and it is connected to the Medan Tunku Monorail Station. The project is targeted for a high-rise commercial development with gross floor area of 1.2 million square fee.

The development is estimated to carry a gross development value (GDV) of more than RM1 billion. The iconic project is expected to bring new breath to the development near the Asian Heritage Row.

"It is certainly an opportune time to replenish our land bank in order to continue with our strategy of meeting strong demand for our properties in Kuala Lumpur, and hence further boost our shareholders' value," said executive chairman Hamidon Abdullah in a statement on Wednesday, May 25.

"This will be our maiden up-market high-rise project in Kuala Lumpur. We look forward to set a new record of excellence," Hamidon added.The development is expected to commence over the next 12 months and will be developed in phases over the next five years.

The purchase of the land will be funded via internal generated funds and bank borrowings. Including the new land, Mutiara has a total landbank of approximately 1,000 acres with a GDV of RM6 billion when fully developed.

Mutiara has scheduled several projects in the pipeline to be launched which include Nadayu 290 featuring high-end condominium units and villas in the Penang Island, Nadayu 28 a mixed development comprising residential and commercial units in the prime location of Bandar Sunway, and the remaining phases of Nadayu Melawati an exclusive development of bungalows, superlinks and semi-detached homes. In addition, Mutiara will also be launching high-rise residential units in Cyberjaya.