With the acquisition of its wholly-owned subsidiary of a 1.87ha freehold site in Mukim Petaling, Mah Sing Group Bhd revealed plans for a development project targeted at first-time home buyers and upgraders.
“This acquisition fits our strategy of land banking for niche projects in good locations which are ready for immediate development,” said Tan Sri Leong Hoy Kum, Group Managing Director at Mah Sing.
While the site comes with development order obtained, Mah Sing said it will revisit the development plans for it to match with the current market demands.
The proposed RM500 million project will be developed over a span of five years, with construction works slated to start in the second half of 2019, reported The Star.
“The location is prime and we plan to have two-bedroom units for first-time homebuyers, with an indicative built up from 700 sq ft and priced from RM428,000,” revealed Mah Sing’s Group Strategy and Operations Director Lionel Leong.
“We believe there will be a large pool of these buyers as their families may be staying within the surrounding established neighbourhoods. We also see high demand for bigger units,” he said.
“These larger units would be ideal for buyers who are currently staying in older homes and want better security and facilities to cater to their young families and children. For this target market, we intend to design three- to four-bedroom units. We shall be doing a registration of interest exercise soon.”
Mah Sing’s management is optimistic that the new project will be well received given the site’s excellent location and accessibility on top of the mature catchment and established amenities.
Image source: The Star Online