Mutiara Central’s bumi units to sell well, says Mutiara Johan Group

• The RM220 million Mutiara Central was launched in July 2018 and completed in October 2022.
• It sits on 1.56 acres of leasehold land and consists of one 27-storey commercial complex with one storey basement parking, eight-storey podium car park, one single-storey shop, eight three-storey shop office and 596 office suites.

KUALA LUMPUR (April 13): Mutiara Johan Group anticipates strong sales for its Mutiara Central bumi lots once they are released in a few weeks time.

“Since the completion of Mutiara Central (located in Cheras), we have witnessed a significant uptick in sales and interest in the project, along with renewed support from banks in loan financing. We have practically sold out most of the open market units available and are already taking registrations for the bumi units that will be released in the coming weeks,” said the group’s executive director Lee Han Rick in an email.

“The feedback from our buyers and stakeholders has been positive, with many existing purchasers returning to purchase a second and even a third unit after taking possession and seeing the finished product for themselves. As such, we are extremely confident that the final release of bumi units will sell out quickly by 4Q of this year.”

The RM220 million Mutiara Central was launched in July 2018 and completed in October 2022. It sits on 1.56 acres of leasehold land and consists of one 27-storey commercial complex with one storey basement parking, eight-storey podium car park, one single-storey shop, eight three-storey shop office and 596 office suites.

The 596 units have a built-up of between 445 sq ft and 955 sq ft with the average selling price of RM322,000 or RM620 psf. The maintenance fee inclusive of the sinking fund is 44 sen psf. Rental rates are about RM3.50 psf. Facilities include swimming pool, gym, jacuzzi, event hall, business centre, food court and outdoor par course.

“The take-up rate for Mutiara Central is at 81% today (April 13), which we are very pleased with considering that majority of the unsold units are from the bumi quota pending release by the authorities, as well as the challenging sales and financing environment over the prolonged MCO (movement control order) period,” Lee said.

He added that the target market and existing purchasers for Mutiara Central are investors and business owners. The location is near to the Taman Mutiara MRT Station. There is a public bus stop at the entrance of the building, and easy access to MRR2 and Jalan Cheras.

Lee believes that the property market will fare well despite rising costs and other headwinds and that the market will absorb the right product at the right price point, especially in Kuala Lumpur and Selangor. However, he remains cautiously optimistic.

As for future plans by Mutiara Johan, Lee said the group is looking to focus on asset enhancement to further diversify their investment income.

“We are also in the planning stages of several projects and will look to develop our remaining landbank - the first being the final phases of gated and guarded bungalows in Villa Mutiara Hill Homes located in Bukit Tinggi, Pahang, as well as a high-rise condominium project in Happy Garden later this year,” he concluded.