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Monday, January 28, 2008

Mah Sing: All components in Southgate for sale

PROPERTY developer Mah Sing Group Bhd says all components of its RM256 million Southgate Commercial Centre on Jalan Tun Razak, Kuala Lumpur, are for sale.

Mah Sing will continue to sell its developments and only retain properties for investment when it decides to set up a real-estate investment trust, said deputy chief operating officer Andy Chua.

He said the group has received enquiries from buyers in Singapore, the Middle East and the UK for en bloc sales of the main corporate building and Apex block under its Southgate development.

"The price range for the corporate building varies from RM700 to RM750 per sq ft with lettable area of 218,000 sq ft," he told Business Times in an interview.

The Apex block will be priced between RM600 and RM650 per sq ft for lettable area of 90,000 sq ft.

The three remaining blocks of the development, namely Vox, Vivo, and Verve, will offer 226 office suites and 63 retail lots.

Prices for office suites (range from 592 to 1704 sq) start at RM430 per sq ft, while prices for retail lots (535 to 2095 sq ft) begin from RM800 per sq ft.

The group, through its wholly-owned subsidiary Jastamax Sdn Bhd, bought two freehold parcels with a combined area of 2ha opposite Wisma Mah Sing from Nichii Fashion Sdn Bhd for RM52 million last July.

Inspired by Xintiandi in Shanghai, Southgate is an integrated commercial and leisure hub that will commence development next month and will be completed 36 months thereafter.

Southgate is Mah Sing's third commercial development in Kuala Lumpur and expected to rejuvenate the surrounding areas including Pudu, Sungei Besi and Loke Yew.

"We will have exciting gourmet restaurants and alfresco cafes to create that ambience of sitting down and having a drink under the stars," said Chua.

By New Straits Times (by Jeeva Arulapalam)

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