KUALA LUMPUR, Aug 6 — Mah Sing Group Bhd today inked its third land purchase for this year, acquiring a 1.827-hectare (4.515 acres) prime land in Wangsa Melawati, Mukim Setapak for approximately RM61.97 million.
The group said the land comes with approved development order (DO) for residential development, enabling rapid speed to market to meet current market demand in the matured location.
“This comes hot on the heels of two earlier land acquisitions this year, M Oscar (Kuchai Lama) and M Luna (Kepong) which also came with approved DO — ready for quick turnaround and immediate development,” Mah Sing said in a statement today.
M Oscar is currently open for registration of interest, while M Luna and the new acquisition, named M Adora will both be opened for registration of interest by the fourth quarter (Q4) of 2019, allowing the group to ride on the extended timeline for the national Homeownership Campaign (HOC).
“All three acquisitions in 2019 are ready for quick turnaround and immediate development, continuing the group’s track record of developing ‘luxury you can afford’ projects in strategic locations to meet immediate market demand,” it said.
M Adora will have an estimated gross development value (GDV) of RM378 million and it is planned for two blocks of affordable residential development.
Affordable units would have an indicative built up from 850 sq ft and indicative starting price from RM468,000.
“Mah Sing is still eyeing more strategically located lands, especially in the Klang Valley.
“The group’s expansion drive is underpinned by its healthy balance sheet with cash and bank balances of RM1.3 billion for the quarter ended March 31, 2019,” it added. — Bernama
