Developer Mah Sing Group has purchased a 78 percent stake in Cosmowealth Housing Development Sdn Bhd for RM54.96 million. It had paid RM6.56 million upon inking of the contract, while the remaining balance would be satisfied over six years, reported The Star.
Earlier, Cosmowealth has acquired 8.5 acres of prime freehold land in Sentul along Jalan Sentul Pasar for around RM95 million. RM6 million had been paid upon signing of the agreement, while the remaining RM89 million will be given within six months or up to eight months.
“Based on preliminary plans, the group will undertake a residential development named MCentura on the land comprising serviced apartments with an estimated gross development value (GDV) of about RM1.3 billion,” said Mah Sing.
Priced from RM326,000 per unit, the houses come in three sizes, namely 650 sq ft, 850 sq ft and 1,000 sq ft. “[These] target the mass market segment, especially first time homebuyers, some upgraders, medium income households and working professionals looking to stay close to the city.”
The developer also revealed that it is focusing on boosting its land bank in Klang Valley, where the appetite for houses remains strong thanks to the area’s growing population and flourishing economy. It also plans to increase its existing GDV from 65 percent at present to 75 percent in the next two to three years.
“The proposed development, which is merely 8.3km from KLCC and located in the mature location of Sentul, is expected to have access to Klang Valley’s population of over eight million,” it noted.
However, Mah Sing said in a filing with Bursa Malaysia that it is facing a temporary legal issue concerning the acquisition of five land parcels at Titiwangsa in Kuala Lumpur.
On Saturday (27 May), the developer received a letter from law firm Messrs Abdullah Chan & Co, informing it of the plot’s rightful owner. As such, Mah Sing’s attorneys are verifying the claim and the company will make further announcements regarding the matter.
Last week, Mah Sing announced its plans to purchase five pieces of adjoining freehold land with a combined area of 3.56 acres next to Titiwangsa Lake Garden for up to RM60 million from an individual.
Among projects by Mah Sing are:
1. Meridin East
Image sourced from Mah Sing
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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