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Thursday, November 4, 2010

Mah Sing buys land worth RM167m

PROPERTY group Mah Sing Group Bhd is buying two pieces of land in Ampang and Cyberjaya for a combined RM167 million and plans to build properties with a total gross development value (GDV) of RM1.2 billion.

The 1.9-hectare freehold land along Jalan Ampang, Kuala Lumpur, is being bought for RM114.9 million or about RM560.63 per sq ft. The development, which will be known as M City, is about 1.26km from the group's recently launched serviced residence project, M Suites.

M City will be a niche project comprising serviced residences, SoHo (small office, home office) and retail outlets with an estimated GDV of RM920 million to be developed over five years.

Preliminary plans for M City include flexible-sized serviced residences and SoHo with built-ups from about 500 sq ft with indicative pricing from RM398,800 a unit.
"We are toying with the idea of vertical green lungs in M City. It will be a new concept for the area," group managing director and group chief executive Tan Sri Leong Hoy Kum said in a statement.

The group is also buying 14.11ha land adjacent to its Garden Residence township in Cyberjaya for RM51.6 million.

It intends to develop two- and three-storey semi-detached homes with a built-up area of about 3,076 sq ft. Indicative pricing is around RM1.28 million for the two-storey semi-detached unit and RM1.44 million for the three-storey semi-detached unit.

To date, Mah Sing has acquired new projects with a combined gross development value of RM3.1 billion.

The group has projects with remaining GDV and unbilled sales of about RM8.64 billion.

Mah Sing's land are in the Klang Valley, Kuala Lumpur, Penang and Johor Baru. They should last the group between five and seven years.

By Business Times

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