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Thursday, September 17, 2009

Mah Sing acquiring land in Shah Alam from Flextronics

Property developer Mah Sing Group Bhd has signed a purchase and sale agreement to buy 5.22ha in Bukit Jelutong, Shah Alam, from Flextronics Technology (Shah Alam) Sdn Bhd for RM21.25 million cash.

The purchase, via its wholly-owned subsidiary Multi Synergy Sdn Bhd, was sealed yesterday.

The group plans to develop the land into an industrial development named "iParc", with an estimated gross development value of RM100 million.

"Our market study indicates that there is a pent-up demand for the products we plan to offer. While there are other factories nearby, this type of concept and design namely semi-detached factories should be well sought after as nearby terraced factories are almost fully occupied," said its group managing director cum group chief executive Tan Sri Leong Hoy Kum in a statement yesterday.
"The land also fits the group's business strategy of having a quick turnaround as the land use is already categorised as industry and only entails submission of layout and building plan approval," he added.

iParc is envisioned to be a low-density industrial park, featuring high technology industries well as logistics warehousing and service facilities.

"The main target market would be local companies looking to integrate their corporate headquarters with operations and warehousing facilities as well as multinational corporations from various industries," said Leong.

Based on preliminary plans, iParc will offer three-storey semi-detached factories ranging from 5,400 sq ft to 7,300 sq ft in built ups and priced from RM2.4 million.

Including iParc, Mah Sing has 18 projects with remaining gross development value and unbilled sales of RM4.5 billion in the Klang Valley, Penang and Johor Baru.

With a healthy balance sheet and a potential war chest of RM800 million to RM900 million, the group said it plans to continue its acquisition trail for large landbank for a potential mass housing project in Malaysia, as well as explore overseas opportunities in countries like China and Vietnam.

By Business Times

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