Condo sales indicate good year for Mutiara

  • Business
  • Thursday, 26 Feb 2004

IN the latest indication of a buoyant property market, Mutiara Goodyear Development Bhd sold all of the units of its Dataran Prima condominium in Petaling Jaya over the weekend.  

All 164 units in the second phase were sold over the long weekend, including the public holiday on Monday, even though prices were 20% higher than those in the first phase.  

An analyst said the sales pointed to a buoyant year for Mutiara itself. She estimated the company would have booked sales of close to RM50mil last weekend. This will be recognised in its financial accounts over the next three years of construction.  

These sales are in addition to the sales of about RM45mil from phase one, sold in March last year.  

A marketing official of the company said prices of Dataran Prima's first tower block started from RM210,000 for a unit with a built-up area of about 1,400 sq ft.  

This was increased to a minimum of almost RM254,000 for a larger unit of 1,490 sq ft in the second tower block. That is a difference of more than RM40,000 for the smallest unit. The official confirmed that all the units of the second block had been sold out.  

“We did it again,” he said, adding that all the units in the first phase were also sold out within three days last year.  

The buyers in the first phase should be happy. “They've seen an appreciation of 20% in their units in just 11 months,” the official added.  

Construction is coming up quickly. The phase one block was already up to level 10, he added.  

According to the analyst, Mutiara is a mid-sized developer with a track record of good quality products, reasonable pricing and good maintenance of its condos.  

The group's next launch will be Taman Lagenda Mas II in Cheras, Kuala Lumpur, where it will offer townhouses and bungalows within a gated community. 

This was targeted to generate sales of over RM100mil, she added. 

After that, Mutiara will be launching its high-end condo project near the Raintree Club and Polo Club in Ampang, Kuala Lumpur.  

She added the group was also developing the Bandar Tasek Mutiara township in Seberang Prai, which was also selling well. 

 Stock Watch On MUTIARA

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