KUALA LUMPUR: Affin Islamic Bank Bhd and Mutiara Goodyear Development Bhd have entered into a musharakah (joint venture) financing arrangement for a high-end residential development in Penang with a gross development value of RM180mil. Under the joint venture, Mutiara Goodyear would be responsible for the construction and sales of the development while Affin Islamic Bank would provide the required financing facilities.Read more
Mutiara Goodyear executive chairman Hamidon Abdullah said the company was in the midst of obtaining Penang state government approval for the development on an 8.8 acres in Bukit Gambir.He did not anticipate any problems in getting the green light, adding that the project should take three years to complete.“We are targeting the affluent market and are confident that this development would enjoy a high take-up rate, buoyed by the dynamic Penang property market and the influx of foreigners residing under the Malaysia MySecond Home Programme,” he said.The property developer, which has an undeveloped land bank of about 800 acres in Penang and the Klang Valley, has lined up a few launches.“We are planning commercial developments, comprising a shopping podium and office blocks at PJS 11 in Sunway; office suites at Prima Avenue, Kelana Jaya; and high-end bungalows at Nadayu Melawati, Ampang,” Hamidon said but did not elaborate.
(The Star 2-4-2008)
