PETALING JAYA: Mutiara Goodyear Development Bhd plans to launch seven projects in Penang and the Klang Valley with a gross development value (GDV) of RM1.5 billion beginning next month.

Executive chairman Hamidon Abdullah said the company has acquired approvals and has sufficient finances in place to launch the projects.

“We will be very busy from next month until end-2010. We are going to release RM1.5 billion worth of property. Most of them are residential and some mixed with commercial projects. They are in five good locations in the Klang Valley and some in Penang,” he told reporters after the company’s annual general meeting here today.

Mutiara Goodyear’s chief executive officer, Kee Cheng Teik said the group would launch the projects in phases.

“The projects are ready to be put on the market. This is because we delayed the projects last year, and they are now all ready to be launched,” Kee said.

The company has a total undeveloped landbank of 890 acres in the Klang Valley and Penang with a GDV of RM4.2 billion.

“We will keep it for future development,” said Kee.

He said the group is currently in talks with several parties to acquire new landbank for its “good project” that could create a landmark.

He declined to divulge further details on the negotiations.

Asked on the re-imposition of real property gains tax, Hamidon said it would take sometimes for the public to take it on.

“It would not affect people who are buying houses to stay. For those people who buy and sell, they might feel a little bit… but after having said that, 5% is a nominal amount,” he said.

For the financial year ended April 30, 2009, the group posted a net profit of RM17.39 million, down from RM25.71 million recorded last year.

Revenue eased to RM91.3 million, compared with RM250.77 million in the previous financial year.

Earnings per share for the period stood at 7.56 sen, while net assets per share stood at RM1.37.