Mutiara Goodyear ... Aug 2008

Mutiara Goodyear Development Bhd is teaming up with Kajang Heights Development Sdn Bhd to undertake a property project with a gross development value of RM430mil.

Under the agreement signed Monday, Mutiara’s unit Regal Form Sdn Bhd would build mixed commercial and residential properties in Kajang on Kajang Height’s land measuring 27.6ha, of which 21.5ha would be for residential houses and the remaining 6.1ha for shoplots.

The project was expected to be completed in five years.

Under the agreement, Kajang Heights would be entitled to RM50mil or 22% of the GDV, whichever was higher, from the project with initial payment of RM6mil. Its entitlement could also be satisfied via unsold units in the project based on the launch price.