Mutiara Goodyear Development Bhd and Penang-based Tambun Indah group are teaming up to undertake a RM776 million residential development project on three parcels of freehold land measuring 102.7ha in Seberang Perai, Penang.
The land is part of the remaining 287.45ha land owned by Mutiara. It had earlier developed 151.82ha to develop the Bandar Tasek Mutiara township which now houses over 4,000 property units.
In a statement yesterday, Mutiara said via its wholly owned subsidiary Pembangunan Bandar Mutiara Sdn Bhd (PBM), it had established a joint-venture company (JV) with Tambun Indah’s two major shareholders, Siram Permai Sdn Bhd and Amal Pintas Sdn Bhd.
PBM will hold 30% in the JV while Siram Permai and Amal Pintas have 55% and 15% stakes, respectively. The JV will acquire the three parcels of land for a total of RM123.5 million. The project will have a gross development value estimated at RM776 million.
Its chief executive officer Kee Cheng Teik said the JV represented an important milestone for Mutiara and Tambun Indah as it signified the coming together of two major developers in Penang to establish a new benchmark of development in the state.
“The intention of this strategic JV is to expand and be a key developer in Seberang Perai. This area has good prospects as it is located near the Second Penang Bridge, which is scheduled to be completed by 2011.”
“Together with Tambun Indah, we believe the value creation to the development will be significant and synergistic,” he said.
Tambun Indah managing director Teh Kiak Seng said the JV would enhance its reputation as an established property player in the Penang region. - By The Edge Daily
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