Malaysia’s Mutiara Goodyear Development is buying 1.42 hectares of prime land along Jalan Sultan Ismail in Kuala Lumpur from UDA Holdings for RM215.5 million (US$70.7 million) in cash.
The purchase of the land will be funded via internal generated funds and bank borrowings, said Mutiara in a statement Wednesday as reported by national news agency Bernama.
The site, strategically located next to the Sheraton Imperial Hotel and connected to the Medan Tunku Monorail Station is earmarked for a high-rise commercial development, the statement added.
The development is estimated to carry a gross development value (GDV) of more than RM1 billion (US$328.13 million) and will bring new breath to the development near the Asian Heritage Row.
Executive chairman Hamidon Abdullah described the acquisition as an opportune time to replenish the company’s land bank and further boost shareholders’ value.
Including the new land, Mutiara will have a total landbank of approximately 400 hectares with a GDV of RM6 billion (US$1.96 billion) when fully developed.
“This will be our maiden up-market high-rise project in Kuala Lumpur. We look forward to set a new record of excellence,” Hamidon added.
The development is expected to commence over the next 12 months and will be developed in phases over the next five years
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