Mah Sing plans transit-oriented houses near Istana Budaya
KUALA LUMPUR: Mah Sing Group Bhd is acquiring 1.44ha of freehold land fronting Titiwanga Lake Garden, near Istana Budaya, and plans to offer transitoriented affordable houses.
The project has an estimated gross development value (GDV) of RM650 million.
The property developer said it was buying the freehold land in Jalan Beserah from Saw Shiuo Shyong @ Sonny Saw for up to RM60 million.
“The units, indicatively priced from RM485,000 each with builtup from 850 square feet, are targeted at first-time buyers, working professionals, young families and upgraders seeking to live in the vicinity of the Kuala Lumpur City Centre and within close proximity to public transportation.
“The acquisition will result in higher ownership of prime landbank by Mah Sing group of companies to 931.2ha, with total remaining GDV and unbilled sales of RM30.9 billion,” said Mah Sing.
The company said it planned to finance the acquisition and development costs via internallygenerated funds and bond sale proceeds as well as bank loans.
Mah Sing said it expected to complete the land acquisition by the fourth quarter of this year.