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Friday, 7 July 2017

(The Edge Financial Daily) Mah Sing acquires land in Cheras and Penang for RM2.35 bil worth of projects

Mah Sing Group Bhd has purchased a 11.233-acre plot of land on Jalan Cheras, Kuala Lumpur, with a total cost consideration of RM263.48 million or RM538 psf, and a 10.89-acre tract at Jalan Permatang Tinggi in Bukit Mertajam, Penang, with a purchase consideration of RM43.8 million.

Plans are to roll out two developments on these sites in the third quarter of this year. They will carry a combined gross development value (GDV) of about RM2.35 billion.

Mah Sing group managing director Tan Sri Leong Hoy Kum said the Cheras site will be developed into M Vertica, an integrated development with an estimated GDV of RM2.2 billion.

For the Bukit Mertajam land, plans are for an industrial park with an estimated GDV of RM150 million that replicates the iParc industrial development series in Bukit Jelutong and Shah Alam.