The acquisition is part of the group's expansion strategy to acquire choice land bank in the Klang Valley, Kuala Lumpur, Penang and Johor Baru for its projects targeting segments of the medium high-end property market.
"This would allow Mah Sing to capture a larger share of the market via simultaneous launches in matured areas and continue their high take-up rates," the group said in a statement today.
"Furthermore, it is rare a large piece of prime land is available in the heart of Georgetown," it said.
"We will capitalise on the sea view to the northeast and mountain view to the southwest for the proposed development," it added.
Mah Sing said the proposed acquisition is not expected to have any material impact on the group's earnings for the financial year ending Dec 31, 2009, as development of the land is expected to start in the second half of 2010.
The acquisition is expected to be completed in the next financial year.
By Bernama
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