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Thursday, December 3, 2009

Mah Sing plans mixed property project in China

It will establish a JV firm to undertake the US$620mil development

PETALING JAYA: Property developer Mah Sing Group Bhd is planning a mixed development project in Wujin, Jiangsu province in China, with an estimated investment cost of US$620mil.

The company, via wholly-owned subsidiary Mah Sing International (HK) Ltd, yesterday signed a letter of intent with the Wujin Government to develop the said project.

In a statement yesterday, Mah Sing said it would establish a joint-venture (JV) company with China-based developer DanLong Realty (Beijing) Co to jointly develop a 87.31-acre site along Wuyi Road, a major thoroughfare in the central area of the Wujin district.

Mah Sing, which would have a 51% stake in the JV company, said the development would comprise “medium- to high-end residential and commercial components.”

The Wujin Government had also given the JV company the opportunity to explore additional land, namely 53.13 acres north of Wujin High-New Zone of Zhangzhou City and 82.37 acres at the north intersection of Wunan Road and Wuyi Road, Wujin District, it said.

»We are confident of creating an outstanding development« TAN SRI LEONG HOY KUM

Mah Sing group managing director-cum-group executive Tan Sri Leong Hoy Kum said in the statement: “We are confident of creating an outstanding development providing unique lifestyle experiences which will transform the way people live, work and play in Wujin.”

In a separate statement, Mah Sing said it had acquired 3.38 acres of freehold land in Penang for a cash consideration of RM38.65mil via its wholly-owned subsidiary, Klassik Tropika Sdn Bhd.

Mah Sing said the land in George Town would be developed into a high-end condominium with an estimated gross development value of RM280mil.

“The acquisition is strategic as it allows the group to tap on the success and spillover demand of Mah Sing’s Residence@Southbay project in Batu Maung,” Mah Sing said.

By The Star

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