Mah Sing plans tran­sit-ori­ented houses near Is­tana Budaya

New Straits Times - - Business -

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.

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