KUALA LUMPUR, Aug 26 — Mah Sing Group Bhd’s wholly owned subsidiary Capitol Avenue Development Sdn Bhd has entered into conditional sale and purchase agreements to acquire several parcels of land in Ampang for a total consideration of RM186.17 million.
In a filing with Bursa Malaysia today, the property developer said the agreement involved the acquisition of 9.51 acres from Chin & Tan Holdings Sdn Bhd for RM122.62 million, and 4.86 acres from Destar Nurani (M) Sdn Bhd for RM63.55 million.
“The proposed acquisition will strengthen the group’s presence in Ampang and provide an opportunity for the group to extend an urban home development to this established community.
“Backed by a strong balance sheet and the continued momentum of its M Series projects, Mah Sing remains committed to expanding its footprint through a diversified portfolio of residential, commercial, hospitality, and industrial projects,” it said.
Mah Sing also announced a new residential project, M Araya, with flexible layouts, following the success of the group’s launches across Greater Kuala Lumpur and the Klang Valley.
It said M Araya is expected to have an estimated gross development value of RM1.92 billion.
“The proposed development is aimed at a diverse range of buyers, including young professionals, first-time homeowners, growing families, and existing homeowners seeking to upgrade within an established neighbourhood,” it said.
In a separate statement, Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the acquisition aligns with the group’s strategy of replenishing its landbank in proven locations with ready infrastructure and sustainable demand.
He said Ampang remains one of the Klang Valley’s most established residential markets, supported by strong connectivity, comprehensive amenities and a sizeable population.
“Having successfully delivered M Suites and M City, we understand the market well and remain confident in its long-term growth potential. We are pleased to strengthen our presence with M Araya, our third project in the area.
“With M Araya, we aim to introduce modern, well-designed homes that respect the character and strengths of the surrounding neighbourhood while meeting the evolving needs of homebuyers,” he added.
The developer said M Araya is planned as a serviced apartment development with indicative built-up areas ranging from 700 to 1,000 sq ft, with indicative pricing starting from RM399,000. — Bernama
