Mutiara Goodyear Development Bhd (Mutiara) has plans to launch projects worth about RM1 billion in 2009 despite the poor economic outlook, said its chief executive office Kee Cheng Teik.

“Although the economic uncertainty has hit investors’ confidence level, there is demand for good projects in good locations, especially in Klang Valley and Penang,” said Kee. He added that the company would be prudent to maintain a strong balance sheet.

Mutiara would be careful to decide which projects to launch first based on market conditions while it focuses on maintaining costs, explained Kee.

The company had a net cash flow of approximately RM50 million as at July 31. Projects in its pipeline include a commercial block in Sunway, Petaling Jaya, a 69-acre housing scheme in Kajang and a 456-acre mixed development project in Penang.

Mutiara is also working on the exclusive 80-acre freehold Nadayu project near Taman Melawati in Kuala Lumpur, which will be launched by first quarter next year.

On talks of banks limiting borrowings for property developers, Kee assured that all of Mutiara’s projects had sufficient financing, adding that its bankers have been very supportive of its projects.

The company is seeking to increase its land bank, which currently comprises 890 acres in the Klang Valley and Penang. Kee also revealed that the company is also exploring opportunities to develop properties in countries like Vietnam and China.