Mutiara Rini Launches Johor Affordable Homes

JOHOR, June 14, 2012 – Mutiara Rini Sdn Bhd, which is part of the Property Division of the Boustead Group, recently held the official ground-breaking ceremony marking the commencement of the development of Johor Affordable Homes in Mutiara Rini in Skudai, Johor.

Mutiara Rini Sdn Bhd is set to develop a total of 1,032 units of Johor Affordable Homes and Johor Community Homes. This will consist of 724 units Johor Affordable Homes (semi-detached houses) featuring a built-up area of 1,200 square feet per unit, will be priced at RM220,000. Additionally, 308 units of Johor Community Homes Type B (terrace houses) featuring of a built-up area of 850 square feet per unit, which will be priced at RM80,000.

YAB Dato’ Haji Abdul Ghani bin Othman, Chief Minister of Johor officiated the ground-breaking ceremony. Also present were YB Datuk Haji Mohd Ali bin Hj. Hassan, State Assembly Speaker, YB Dato’ Haji Obet bin Tawil, State Secretary of Johor, State Executive Council Members, YBhg. Tan Sri Dato’ Sri Lodin Wok Kamaruddin, Deputy Chairman of Boustead Holdings Berhad and Group Managing Director of Boustead Holdings Berhad.

YBhg Tan Sri Dato’ Seri Lodin Wok Kamaruddin said, “Our property development project in Johor has been highly successful with very strong take-up rates. Furthermore, we are glad to note that we have achieved the State’s mandate of 40% take-up by Bumiputera purchasers. This clearly demonstrates that our products and our effort to develop holistic communities with very strong qualities such as the green lung, bicycle track, shopping and commercial attractions have been well accepted by property owners in the State, particularly Bumiputeras.”

“This new project that we intend to undertake is in line with the Federal and State Government’s aspirations of providing affordable housing to Malaysians, particularly for the lower income group. Towards this end, and given that we are part of the Lembaga Tabung Angkatan Tentera Group, we hope to provide an allocation up to 20% of Johor Affordable Homes priced at RM220,000 and an allocation of 50% of Johor Community Homes which will be priced at RM80,000 to eligible members of the armed forces. This is in line with our objective to always have the welfare of members of the armed forces at the core of our commercial activities,” concluded YBhg Tan Sri Dato’ Seri Lodin.

An integrated township, Mutiara Rini is a mixed-development on a site of 1,438 acres. Launched in 1996, Mutiara Rini Sdn Bhd has to date successfully completed the development of 820 acres, which makes up 60% of the total area, developing approximately 6,500 homes consisting of terrace houses, shop houses and low-cost flats. Currently there are about 700 units under construction that are expected to be completed by the end of this year. Various modern facilities such as landscaped green lungs, bicycle and jogging tracks, a 64-acre urban forest, local shops, schools and petrol kiosks have also been developed for public use and to promote sustainable living. The development also features commercial and shopping amenities for residents.

The Property Division of the Boustead Group is primarily involved in property development and investment in the areas of high-end condominiums, warehouses and landed residential properties as well as retail. Additionally, the Division manages and operates the Royale Chain of hotels. The Division also has a stable of prime office buildings in the golden triangle of Kuala Lumpur which enjoy high occupancies.

Mutiara Rini Sdn Bhd is one of Malaysia’s leading property developers. Incorporated in 1994, the company is the developer of the integrated township known as Mutiara Damansara, a 350 acre housing and commercial development, strategically located in Selangor and Taman Mutiara Rini in Johor. The company is a member of the Boustead Group of companies.

Since its inception as a modest trading entity more than 180 years ago, the Boustead Group has grown by leaps and bounds to comprise more than 90 subsidiary and associate companies, and has substantial interests in various sectors of the Malaysian economy. The Boustead Group's operations are focused in six key areas; plantation, heavy industries, property, finance & investment, trading & manufacturing and pharmaceutical. As at 31 March 2012, Boustead Holdings Berhad’s paid-up capital was RM517 million while its shareholders’ funds stood at RM4.6 billion. Market capitalisation is currently in excess of RM5.2 billion.

Forward looking statements This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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Issued on behalf of: Boustead Holdings Berhad By: acorn communications sdn bhd For more details, please contact: Natalia Ghani at 012 231 4782 or Roshen Dev at 016 251 8694 or 03 7958 8348 or email: acorncommunications@acornco.com.my