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Tuesday, January 11, 2011

Mammoth Empire buyer of Damansara Perdana land

The Mammoth Empire Group was the recent buyer of two pieces of land in Damansara Perdana, Selangor, from MK Land Holdings Bhd.

It is learnt that Datuk Sean Y.T. Ng, founder of the Empire Group, had made the offer via Foster Estate Sdn Bhd.

This is the fourth piece of land the Empire Group is buying from MK Land.

MK Land announced on January 4 that Foster Estate plans to buy two pieces of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million respectively.

According to Mammoth Empire group executive director Danny J.Y.Cheah, Foster Estate aims to set up an integrated property development, comprising commercial and residential towers, and retail.

"There is a lot of synergy in Damansara Perdana. We already have three developments. If we do not buy it, MK Land would sell it to other developers.

"There is a lot of economies of scale for us to do another project in Damansara Perdana," Cheah told Business Times.

The group's current projects in Damansara Perdana includes Empire City, an integrated lifestyle commercial development on a 9.2ha site; Empire Damansara, a mixed development; and Empire Residence.

Empire Residence, a high-end gated and guarded development on 19.2ha of land, is a joint venture with MK Land.

Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.

By Business Times

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