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Friday, June 25, 2010

Mah Sing plans 'Icon City'

Mah Sing Group Bhd, the country's fifth largest property developer by revenue, plans to launch the "Icon City" in Selangor, its biggest commercial development thus far, which has a gross development value of over RM1.5 billion.

The project, which will be developed in phases, is located on 7.93ha site in SS8, Sungei Way, a site formerly occupied by Matsushita Group of Co.

Mah Sing had bought the land from Panasonic HA Air-Conditioning (M) Sdn Bhd for RM89 million or RM104.23 per sq ft. The deal was completed in March this year.

The land is situated at the crossroads of the Lebuhraya Damansara-Puchong and Federal Highway, making it strategic for development.

Initial plans for the land were to build three 17-storey serviced apartment buildings, a 16-storey hotel, five blocks of 25- to 31-storey office towers, a 20-storey small office home office block, 18 units of three-and-a-half-storey showrooms and 80 units of four-and-a-half-storey shop lots.

However, Mah Sing chief operating officer for commercial projects, Andy Chua, said the development plan for the five-year project is being modified to enhance its appeal.

"We are adding some unique and interesting concepts. We expect Icon City to be a new landmark for Petaling Jaya," Chua told Business Times.

He said Icon City will be a one-of-its-kind green and eco-friendly development with smart features and it will further enhance Malaysia as a property investment destination.

Chua added that the office towers will be tailor-made and sold en bloc while the apartments and shoplots will be kept for retail investors.

"We are bullish on the project as there is a pent-up demand for commercial properties in Petaling Jaya. Although the market may not be ready, but if the project is unique and special and people see the value of the properties, people will invest.

"A lot of companies are also moving to Petaling Jaya as an alternative to having an office in the Kuala Lumpur city centre. The rental yields are good here," he said.

Chua said Mah Sing aims to submit its final development plan to the local authorities by the third quarter of this year and start construction immediately.

It has started to demolish the Matsushita building and will complete the works by September, he said.

By Business Times (by Sharen Kaur)

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