Mah Sing acquires prime freehold hand of up to RM60 million

KUALA LUMPUR: Mah Sing Group Bhd, via its wholly-owned subsidiary Mah Sing Properties Sdn Bhd, yesterday acquired a 1.44 hectare (3.56 acres) prime freehold land along Jalan Beserah, off Jalan Tun Razak, for a purchase consideration of up to RM60 million.

The group said the purchase price would be adjusted accordingly in the event that density procured is lower than 350 units per acre and a further announcement would be made accordingly.

“The acquisition is in line with the focus to acquire prime land in strategic locations, especially in the Klang Valley and would increase our prime landbank to 942.10 hectares (2,328 acres), with a total remaining gross development value (GDV) and unbilled sales of RM30.9 billion,” it said in a statement yesterday.

A deposit of RM6 million has been paid as at the signing of the sale and purchase agreement.

The balance payment would be made within three months after the unconditional sale, with an automatic extension of two months.

The group said the land is zoned for residential development and fronts the Titiwangsa Lake Garden. It is slated for lake side condominiums with an indicative built- up area from 850 square feet and possibly priced from RM485,000.

The group expects an estimated GDV of up to RM650 million for the project.

“We target to increase our landbank in the Klang Valley to 75 per cent of our overall remaining GDV within the next two to three years, from the current 62 per cent.

“By stepping up land acquisition in the Klang Valley with a focus on affordable pricing, we will be in a better position to meet market demand,” said Group Managing Director, Tan Sri Leong Hoy Kum. — Bernama