Mah Sing acquires land for integrated development and business park

KUALA LUMPUR: Mah Sing GroupBhdh as acquired two pieces of land along Batu 2.5, Cheras, Kuala Lumpur, and in Bukit Mertajam, Penang for a total consideration of RM307.28 million, to be developed into an integrated development and a business park, respectively.

An agreement has been signed to acquire Cordova Land Sdn Bhd (Cordova), which has been offered to purchase 4.55 hectares of land in the same vicinity.

Managing Director Tan Sri Leong Hoy Kum said the Cheras land, acquired for RM263.48 million, would be developed into an integrated development called M Vertica with an estimated gross development value (GDV) of approximately RM2.2 billion.

“M Vertica is targeted at first-time home buyers and some upgraders due to its value proposition of quality products at affordable indicative pricing from RM450,000 in the heart of Kuala Lumpur.

“Within the immediate vicinity of the project, we expect to attract many young families looking to buy their first and new home since the majority of them are second and third generation locals who are familiar with the neighbourhood,” he said in a statement.

Leong also said Mah Sing acquired 4.41 hectares of freehold land in Bukit Mertajam, Penang, for RM43.8 million, to develop a business park with an estimated GDV of RM150 million.

The land, with development order obtained and earthworks done, is ready for immediate development which fitted in well with the quick turnaround model of the group.

Meanwhile, Mah Sing and the vendor of 13.82 hectares of land in Sultan Salahuddin Abdul Aziz Shah (KGSSAAS) Golf Course, Selangor, have mutually agreed to terminate the sales and purchase agreement as the land conversion approval and consent to transfer were not fulfilled.

This termination would allow Mah Sing to focus on affordably priced products in other developments rather than highend products.

“We will continue to streamline our portfolio of landbank to fit our business strategies and match current market demand.

“With the new acquisitions, currently Klang Valley yields approximately 67 per cent of our remaining GDV and unbilled sales, and we target to increase it to 75 per cent within the next two to three years.” — Bernama