Mutiara set to launch RM1.6b worth of projects

KUALA LUMPUR: Mutiara Goodyear Development Bhd (Mutiara) will launch RM1.6 billion worth of projects in the next 12 months.

The first of the new projects to be launched is the freehold 68.6-acre Nadayu 92 in Kajang with a gross development value (GDV) of RM320 million. Phase 1 of Nadayu 92 to be launched tomorrow, comprises 77 units of two-storey, 22 units of 2 ½-storey and 20 units of three-storey terraced homes, with built-ups ranging from 2,116 sq ft to 3,890 sq ft.

Prices start from RM420,000 for the two-storey units, RM593,000 onwards for the 2½ storey units and RM699,000 for the three-storey units. Phase 1 with a GDV of RM230 million is expected to be completed by 2012.

“If the take-up for phase 1 is good, we will launch about three or four phases within the next 12 months,” said its executive chairman Hamidon Abdullah during a press conference yesterday.

Other upcoming projects is a 4.7 acre mixed development at Bandar Sunway with an estimated GDV of RM220 million; an eight-acre high-end residential development in Penang with an estimated GDV of RM400 million; a 15-acre residential development at Cyberjaya, a joint venture with MK Land Holdings Bhd with an estimated GDV of RM450 million, and subsequent phases of the 80-acre Nadayu Melawati at Taman Melawati, which has a total GDV of RM1 billion.
Hamidon says Nadayu 92 will position Mutiara as a developer that gives value for money.
The Penang project, a green development in its Nadayu brand of homes, a joint venture with Affin Bank is expected to be launched by March 2011, followed by shoplots and apartments in Bandar Sunway, and phases of Nadayu Melawati in the first half of 2011.

On Nadayu 92, Hamidon said the development will position Mutiara as a developer that gives value for money.

“Mutiara has been associated with high-end products due to Nadayu Melawati. Nadayu 92 is an opportunity for us to develop a more affordable product that reaches out to growing families,” he said.

Hamidon however stressed that cheaper does not translate to low quality. “The idea is to set the norm for quality, decent living environment at medium cost.”
An artist's impression of Nadayu 92 two-storey homes in Kajang.
He felt that the market has changed over the last decade as buyers become more informed and have higher expectations, thus quality must be delivered.

Mutiara, which currently has a landbank of about 1,000 acres in Klang Valley and Penang, is sourcing for more land.

“We are looking at the growing areas of Kajang and Bangi where houses can be more affordable due to the cheaper land cost, to develop more medium-range products,” he said.

While the company’s current focus is on residential projects in Klang Valley, Hamidon does not rule out commercial projects when the right site is found.

This article appeared on the Property page, The Edge Financial Daily, December 10, 2010.

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