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Monday, 3 July 2017

(NST) Mah Sing launches 2 new developments with latest land purchases


KUALA LUMPUR: Mah Sing Group Bhd has purchased two plots of land in Cheras and Bukit Mertajam for more than RM300 million which it plans to develop into residential and commercial projects with an estimated RM2.35 billion billion gross development value (GDV).

In a statement today, Mah Sing said it has signed an agreement to acquire Cordova Land Sdn Bhd, which has an offer accepted by Kuala Lumpur City Hall to purchase 11.233 acres of prime land along Batu 2.5 of Jalan Cheras, for RM263.48 million.

It said the land is just 1.8 kilometres from the Sunway Velocity Mall and will be developed into M Vertica, an integrated development with an estimated GDV of RM2.2 billion.

M Vertica is targeted at first-time home buyers and upgraders due to its value proposition of quality products at affordable indicative pricing from RM450,000, and located in the heart of Kuala Lumpur.

Mah Sing Group managing director Tan Sri Leong Hoy Kum said the development is expected to attract many young families looking to buy their first home since the majority of them are second and third-generation locals who are familiar with the neighbourhood.

“The prime KL city location, coupled with the affordable entry-level pricing, provide an unbeatable value proposition.

“We are looking at residential suites from 850sq ft at an indicative price from RM450,000 or RM529 per sq ft, and a choice of bigger units at 1,000 sq ft,” he said.

Mah Sing said M Vertica fits well with current market demand and the company’s quick turnaround strategy due to the good connectivity, established catchment, ready infrastructure and amenities within the vicinity.

Mah Sing has also added another project to its stable with the acquisition of 10.89 acres of freehold land in Bukit Mertajam, located along the south-western side of Jalan Permatang Tinggi, for RM43.8 million.

The proposed development, with an estimated GDV of approximately RM150 million, will offer well-conceptualised multi-functional industrial spaces comprising a mix of shop offices and light industrial factories. The proposed development is scheduled for a preview in the third quarter of 2017.