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Friday, July 9, 2010

Mah Sing buys land with GDV of RM1.1b

Mah Sing Group Bhd has acquired three pieces of land in the Klang Valley which have a combined gross development value (GDV) of about RM1.1 billion.

In a statement today, Mah Sing said the land would reinforce its strength as one of the few developers in the country to offer a complete range of properties, namely residential, commercial and industrial developments.

"These land are earmarked for projects in Mah Sing’s Residence (medium to high-end residential), commercial and i-Parc (industrial) series of property developments.

"One piece of land will be developed under the Residence series is the landed medium to high-end, gated and guarded project -- Kinrara Residence -- which will involve 50 hectares," it said.

It said due to the scarcity of land in Kinrara, its increasing popularity and burgeoning population, there was a pent-up demand for gated and guarded landed properties with good concepts and themes which provided good value.

"A portion of the land has been reserved and surrendered for building a secondary and primary school in Kinrara Residence, which will add to the overall appeal of the project.

"The development of the residential project will commence by year-end," it said.

Another project, Star Avenue, would focus on commercial development involving three-storey shops, retail lots and offices incorporating a neighbourhood lifestyle mall, it said.

Mah Sing said i-Parc 3@Bukit Jelutong would see the development of low-density semi-detached factories on 4.38ha.

It said for the first six months of this year, it has acquired new projects with a combined GDV of RM1.9 billion.

"With the healthy balance sheet, low net gearing of 0.05 time as at end-March 2010, the company will still be able to acquire more prime land," it said.

It said currently, it has projects with remaining GDV and unbilled sales of about RM7.5 billion.

By Bernama

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