Mah Sing makes another land buy in Johor
Site in pulai to be used for proposed township project
“We have garnered over 5,000 registrations of interest in less than 10 months since the acquisition of M Tiara, which comprises 754 units of landed residential properties.”
Tan Sri Leong Hoy Kum
PETALING JAYA: Mah Sing Group Bhd has undertaken another land deal, acquiring 100.4 acres of land in Pulai, Johor for Rm103.75mil from Amanah Raya Bhd.
This purchase came after the acquisition of a 75.7-acre parcel of land, M Tiara, in June 2023, which is situated about only 400 metres away from the newly acquired area.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the group decided to acquire the land in under a year as it aligns with market demand, particularly in Johor.
The land, with a proposed development to be named M Tiara 2, is expected to have an estimated gross development value (GDV) of Rm1.45bil.
He said the increasing demand is being driven by the upcoming Johor Barusingapore Rapid Transit System (RTS) and the Kl-singapore High Speed Rail project, the Johor-singapore special economic zone (SEZ) as well as the strong performance of the Singapore currency.
He said these factors will entice more people to look for properties in Johor and reside there.
“We have garnered over 5,000 registrations of interest in less than 10 months since the acquisition of M Tiara, which comprises 754 units of landed residential properties.
“The remarkable response has bolstered our confidence in swiftly meeting market demand,” Leong said in a statement.
He added that the acquisition of the new 100.4-acre freehold site will further solidify the group’s footprint in Johor and strengthen its position in the affordable and midend housing market.
In light of this, Mah Sing said it will continue its acquisition of strategically located land in the Klang Valley, Johor and Penang.
The group’s effort will be supported by its robust balance sheet and ample liquidity with year-end cash, bank balances and short-term investments of Rm981.3mil and a low net gearing ratio of 0.08 times as of Dec 31, 2023.
Leong stated that the fact that its first M-series development in Johor, M Minori, sold out in less than a week is evidence of the tremendous demand for Johor real estate and consumers’ faith in the brand.
“As such, we will continue to look for strategic land in Johor to replicate the success of our developments, especially for townships, the M-series projects and industrial projects,” he added.
The M Tiara 2 township will be feature double-storey linked homes, serviced apartments and double-storey shops.
The serviced-apartment units will start at RM253,000, while the double-story terrace and cluster homes with approximate built-up areas of 22ft/24ft by 70ft and 34ft by 70ft/75ft, respectively, at an indicative starting price of RM771,600.
Mah Sing said M Tiara 2 represents an upgraded version of M Tiara as it offers retailers, service apartments, and larger and lower-density landed residential units, complementing the first development.
Mah Sing said registration of interest for the project is targeted to commence in the first quarter of 2025.
The land deal will be funded with internal funds and bank borrowings, Mah Sing noted in its exchange filing yesterday.