Mah Sing Inks Second Land Deal In 2021; To Develop M Astra With Estimated GDV Of Approximately RM618 Million

May 8, 2021

Mah Sing Foundation (MSF) are donating 20 units of heavy duty critical-care ventilators

Mah Sing Group Berhad today acquires a new prime land in Mukim Setapak, Kuala Lumpur measuring approximately 5 acres for RM89 million. The land has 3 frontages facing Jalan Usahawan 5, Jalan Kilang and Jalan Usahawan 6, and is just 600meters off Jalan Genting Kelang which is a major trunk road in Kuala Lumpur.

This new acquisition to be named M Astra is about 3km from the Group’s well-received M Adora in Wangsa Melawati and is targeted for registration of interest in the third quarter of 2021.  T

his marks Mah Sing’s second land deal in 2021, and the Group will continue to scout for more strategically located lands, with Greater Kuala Lumpur and Klang Valley being the focus areas.

Based on preliminary plans and subject to authorities’ approval, M Astra which has an estimated gross development value (GDV) of approximately RM618 million will be a mixed development comprising 2 blocks of serviced suites.

The project is planned to have 3-bedroom and 4-bedroom units, with indicative built-up ranging from 850 sq ft to 1,030 sq ft, and will be affordably priced with an indicative starting price from RM399,000. This proposed mixed development also features some retail lots with plans to accommodate drive through F&B outlets.   

Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “M Astra is our second land deal of the year and also our first pocket land acquisition since we acquired M Oscar, M Luna and M Adora in 2019. All these projects were subsequently launched within 7 to 12 months and we are targeting to do the same for M Astra, with the registration of interest targeted to be in 3Q 2021.

“The land acquisition of M Astra is timely as we foresee that the recovery of the property market is gaining momentum and we wanted to be ready to seize the opportunity to meet the home buyers’ need for affordably priced projects.”

M Astra is expected to leverage on a huge target catchment as it is within the vicinity of matured neighbourhoods such as Danau Kota, Desa Setapak, Setapak Jaya, Wangsa Maju, Taman Melati, Titiwangsa and Setiawangsa. These matured residential communities are highly accessible via major highways and trunk roads.

Tan Sri Dato’ Sri Leong Hoy Kum continued, “We believe that first-time home buyers and upgraders from surrounding areas who want to stay near the central business district will find M Astra very attractive and convenient as we plan to have retail elements within the mixed development.

“The living environment is also very conducive as it is surrounded by ready amenities such as primary and secondary schools, educational institutions, public transport, shopping malls, and hospitals. We are confident that M Astra will be another successful project just like M Adora in Wangsa Melawati, which is about 3km away.

“M Adora has received a positive take-up rate of 73% for its two towers in less than 10 months from its launch last year, showcasing strong interest in the location. The Group also had a successful commercial project named StarParc Point nearby which was launched in 2009 and fully sold out.”

Driven by the Group’s strong balance sheet with cash and bank balances and investment in short-term funds of approximately RM1.16billion as of 31 December 2020, Mah Sing will continue to scout for more strategically located lands that suit its fast turnaround business model, with Greater Kuala Lumpur and Klang Valley being the focus areas.

M Astra’s new land acquisition represents another opportunity for the Group to further increase and replenish its current land bank, following the early completion of the M Senyum, Sepang Land on 18 March 2021. The land acquisition of M Astra will also increase Mah Sing’s prime landbanks to 2,081 acres, with a total remaining GDV and unbilled sales of approximately RM25.26 billion.

 

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