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Tuesday, February 9, 2010

Mah Sing buying Shah Alam land for iParc2

Mah Sing Group Bhd is buying a 7.7ha prime freehold land in HICOM Industrial Estate in Shah Alam, Selangor, for RM45.5 million cash.

The property developer plans to make it its latest industrial hub project, called the iParc2@Shah Alam, with a gross development value of RM143 million.

Mah Sing managing director and group chief executive Tan Sri Leong Hoy Kum said the land is in a mature neighbourhood with good connectivity and strong demand for industrial property.

"Since the launch of iParc@Bukit Jelutong, Selangor, in January, we have sold 40 units out of a total of 42 units. This acquisition is timely and strategic as we would like to cater to the pent-up demand for this product," Leong said in a statement.
Under the deal, the property developer's wholly-owned subsidiary, Multi Synergy Group Sdn Bhd, signed a deal with Quill Industrial Properties Sdn Bhd for RM45.5 million or about RM54.45 per sq ft.

iParc2@Shah Alam will offer three-storey semi-detached factories with layout flexibility options priced from RM2.5 million each, with the smallest unit at about 5,400 per sq ft.

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

The site is strategically located at the confluence of major highways leading to all major locations and key logistic ports and airports.

Together with iParc2@Shah Alam, the group has projects with remaining GDV and unbilled sales of about RM5.8 billion in the Klang Valley, Penang and Johor Baru.

As at December 31 2009, the group has RM400 million cash and zero net gearing.

By Business Times

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