Prima Avenue launch goes ahead despite higher costs

  • Business
  • Saturday, 16 Aug 2008

KUALA LUMPUR: Mutiara Goodyear Development Bhd will launch freehold Prima Avenue at Tropicana today despite rising building material costs, said chief executive officer Kee Cheng Teik.

The freehold Prima Avenue at Dataran Prima, Petaling Jaya, comprises two towers of office suites and retail lots, and has a total gross development value of RM120mil.

Kee said Mutiara Goodyear was confident of its product designs, good mix of properties and good locations.

He said the company had started making arrangements, like direct purchase of materials from factories, to mitigate higher costs but it was happy with its current profit margin.

The modern contemporary development incorporates two towers of 15 and 16 stories and will incorporate “The Tube”, a vibrant retail area that will feature the very best of food, shopping, music and entertainment.

The retail space ranges from 1,692 sq ft.

In the pipeline is a commercial block in Sunway in Petaling Jaya, a Kajang housing scheme and a joint venture in Penang.

The company is also involved in an exclusive property project near Taman Melawati in Kuala Lumpur. The Nadayu project would be on 80-acre freehold land near the Taman Warisan heritage park.

 MUTIARA :  [Stock Watch]  [News]

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