Mah Sing Group plans to build a condominium besides the Titiwangsa Lake Gardens in Kuala Lumpur with an estimated gross development value of about RM650 million, reported The Star.
Measuring from 850 sq ft, the condo units will be affordably priced from RM485,000 each.
In line with this, the company announced on Wednesday (17 May) that its subsidiary Mah Sing Properties has agreed to buy five pieces of adjacent freehold land for the development from Saw Shiuo Shyong @ Sonny Saw.
It intends to pay up to RM60 million for the land, as long as the density approved by the authorities is 350 per acre or more. But it plans to reduce the purchase consideration if it is lower.
Zoned for residential development, the site is located 3.7km away from the Petronas Twin Towers and the Kuala Lumpur City Centre. It is a short walk from Istana Budaya and the upcoming Hospital KL MRT station, while the Titiwangsa LRT, monorail and MRT interchange are 1.8km away.
The site is regularly sized, nearly square shaped, and its flat terrain is ready for immediate development.
The acquisition conforms with Mah Sing’s focus to purchase prime land in strategic areas, particularly in Klang Valley. Specifically, the new deal is expected to boost the firm’s prime landbank to 2,328 acres.
At present, the company’s unbilled sales and remaining GDV currently amounts to RM30.9 billion.
Meanwhile, the National Property Information Centre (NAPIC) revealed that total property transactions last year in Klang Valley reached RM30.81 billion compared to RM65.6 billion for the whole of Malaysia.
“Demand in the Klang Valley has remained resilient due to population and economic growth. By stepping up land acquisitions in Klang Valley with focus on affordable pricing, we will be in a better position to meet market demand,” said Mah Sing’s Group Managing Director Tan Sri Leong Hoy Kum.
In particular, units costing from RM300,000 to RM1 million accounted for 48 percent of the overall transactions last year, up from 45 percent in 2015.
Among Mah Sing’s developments:
2. The Caspian
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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