Mah Sing acquires land in Johor to develop M Tiara 2

Mah Sing Group Bhd has acquired another 100.4 acres of freehold land in Mukim Pulai, Johor Bahru, for RM103.75 million. This acquisition comes after the purchase of a 75.7 acres land named as M Tiara in June 2023, which is approximately 400m away from the newly acquired land.

The acquisition marks Mah Sing’s second land deal in 2024. To be named M Tiara 2, the land is planned for the development of double-storey linked homes, a serviced apartment and doublestorey shops with an estimated gross development value (GDV) of approximately RM1.45 billion. Armed with a robust balance sheet and ample liquidity with year-end cash, bank balances, and short-term investments of RM981.3 million and a low net gearing ratio of 0.08x as at Dec 31, 2023, the group will continue its acquisition of strategic lands in Klang Valley, Johor and Penang.

Based on preliminary plans and subject to authorities’approval, M Tiara 2 is envisioned to be a township comprising double-storey terrace and double-storey cluster homes with indicative built-ups of 22’/24’x70’ and 34’x70’/75’ respectively, and with indicative starting price from RM771,600. There will also be a serviced apartment with units indicatively priced from RM253,000. Registration of interest is targeted to commence in the first quarter of 2025.

Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum said, “We decided to acquire this land near M Tiara in under a year because it aligns with market demand. We have garnered over 5,000 registrants of interest in less than 10 months since the acquisition of M Tiara, which comprises 754 units of landed residential properties. This remarkable response has bolstered our confidence in swiftly meeting market demands.”

“Beyond complementing M Tiara, M Tiara 2 represent an upgraded version of the development, offering larger and low density landed residential units, a serviced apartment, and shops to the market. These additions cater to a wider range of buyers such as home upgraders, Malaysian professionals working in Singapore, as well as foreign buyers,” said Leong.