Mulpha Land changes name to Thriven Global


Forward moving: Ghazie Yeoh (left) and Fakhri at the AGM. The company will focus on growing its business divisions including property development and investment.

PETALING JAYA: Mulpha Land Bhd, which has seen the entry of new major shareholders since early last year, has changed its name to Thriven Global Bhd.

“The new name reflects our forward moving direction,” said executive chairman Datuk Fakhri Yassin Mahiaddin.

Group managing director Ghazie Yeoh Abdullah and executive director Datuk Low Keng Siong collectively own 46.67% of Thriven.

As part of the name change, the company will focus on growing its three business divisions – property development and investment, hospitality and lifestyle retail and facility management.

It also said it would generate recurring income streams by investing in retail, commercial offices and car parks, and collaborating with retail food and beverage operators and grocers to service its property assets and investments.

The company is aiming to raise its revenue to RM50mil this year from RM40mil last year.

Lumi Tropicana, a 744-unit serviced residence with 68 small office home office units and 30,000 sq ft of retail space, is to be built over six acres of land costing RM115mil. Its other project Lumi Section 13, built over two acres and with a land cost of RM38mil, will have a gross development value (GDV) of RM240mil.

“Our next launch date is subject to market sentiments, but we are looking at the fourth quarter of 2015 to launch our Lumi Tropicana project,” Ghazie said.

The sales contribution from the Lumi residences, which would likely be launched in the fourth quarter of 2015, is expected to be significant to the group, Ghazie said.

A showroom for both Lumi Tropicana and Lumi Section 13 in Petaling Jaya is being constructed and will be ready by September this year

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Business , mulpha , property , cautious , lumi , residence , launch , delay

   

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