KUALA LUMPUR, July 23 ― Mah Sing Group Bhd has acquired 2.21 hectares (ha) of prime land near Kepong Metropolitan Park, Selangor for about RM94.8 million for the development of its affordable serviced apartment, M Luna.
In a statement today, founder and group managing director Tan Sri Leong Hoy Kum said the land comes with an approved development order for serviced apartments and the project had a gross development value (GDV) of approximately RM705 million.
M Luna will comprise two serviced apartments blocks with an indicative built up which starts from 700 square feet and prices starting from RM385,000 per unit.
“The acquisition will increase the group’s prime land bank to 851.46 ha, with total remaining GDV and unbilled sales of RM25.84 billion ― enough to sustain growth for the next eight to nine years,” the housing developer said.
Recently, the group also acquired 1.87 ha land for the development of M Oscar, another of its range of serviced apartments, located off Kuchai Lama.
The group’s balance sheet stood at RM1.3 billion for the quarter ended March 31, 2019, allowing it to drive its key strategy in replenishing its land bank, especially in the Klang Valley. ― Bernama
