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Monday, July 5, 2010

Mah Sing, Mahajaya to team up

Mah Sing Group Bhd's wholly-owned unit, Grand Prestige Development Sdn Bhd will team up with Mahajaya Bhd's subsidiary, Medan Damai Sdn Bhd, to develop 5.28 hectares in Kinrara.

In a statement, Mah Sing said it would be the developer and Medan Damai the landowner. It said the joint venture (JV) would form part of the on-going mixed project, known as Taman Damai Utama, a matured development with more than 600 units of two- and two-and-a-half-storey terrace houses sold and delivered.

"The commercial portion of the development comprising more than 100 units of terrace shop and offices are also sold except for Bumiputra units," it said.

Mah Sing said it planned to rebrand the JV into a residence development comprising gated and guarded environment with trend-setting layouts and lush greenery.
It said the JV has an estimated gross development value of RM100 million and comprised 180 units of terrace houses which were launched in April this year.

"To date, 53 units with sales value of about RM29 million have been sold while a further 27 units are booked but sale and purchase agreements have not been signed," it said.

It said construction works had started. Group managing director, Tan Sri Leong Hoy Kum, said it was an opportune JV for the company to replicate its success in Perdana Residence 2 in Selayang and Garden Residence in Cyberjaya where sales were good due to the good location, strong concept and value proposition backed by the company's brand.

By Bernama

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