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Tuesday, November 11, 2008

Mah Sing to buy land in Setapak for RM13m

Mah Sing Group Bhd is spending RM13 million to buy 2.12ha of freehold land in Setapak from Link Mart Sdn Bhd.

The RM13 million, which works out to be RM56.30 per square foot, will be paid in five progress payments based on specified milestones of development until the sub-division of land is obtained, Mah Sing said in a statement yesterday.

"It is in a prime location and represents a coup for Mah Sing as the land is freehold while surrounding area are mainly leasehold land," said group managing director Datuk Seri Leong Hoy Kum.

He said Setapak has experienced healthy growth in demand for shop offices as evidenced by the more than doubling in the transaction value of the shop office sub-segment in the first quarter of this year compared to the same quarter last year.

"With a catchment of close to 700,000 people from the middle- to upper-income groups in the vicinity, we have high hopes of a good take-up upon launch of the project," Leong added.

Mah Sing expects to generate gross development value of RM118 million from the Setapak project.

By Business Times

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