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News Room

04 May 2011

Mutiara, Tambun Indah in land venture

Business Times

Main Market-listed property developer, Mutiara Goodyear Development Bhd (Mutiara)'s subsidiary, Pembangunan Bandar
Mutiara (PBM), has entered into a joint venture with Tambun Indah Land Bhd (Tambun) to develop 210 hectares of land in Seberang Perai, Penang.

The joint venture would be carried out through Palmington Sdn Bhd
(Palmington), Mutiara said in a statement today.

Palmington, which is 40 per cent owned by PBM and 60 per cent owned Tambun Indah, will acquire five parcels of land totalling 210 hectares from PBM for RM233.2 million, to be paid on a deferred basis over four years.

Tambun is expected to finance its portion of the purchase, amounting to about RM139.9 million, via internally-generated funds and bank borrowings.