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Tuesday, July 19, 2011

Icon City phase two launch by September

KUALA LUMPUR: Mah Sing Group Bhd, the country's fifth largest developer by revenue, will launch by September the second phase of Icon City in Petaling Jaya, Selangor, featuring 570 units of serviced residences worth RM439 million.

Group managing director-cum- group chief executive Tan Sri Leong Hoy Kum is upbeat that the units, worth RM450,000 to RM1.2 million each or RM700 to RM800 per sq ft, will be snapped up during the launch.

The residences come with space sizes of 550 sq ft to 1,779 sq ft.

"The right product in the right location will always sell well. We are bullish on the outlook led by the Economic Transformation Programme," Leong told Business Times.

Leong's confidence is further boosted by the launch of the first phase of of Icon City last weekend, where sales of RM426.5 million were raked in.

Icon City is a RM3.2 billion integrated commercial development located on 7.93ha in SS8, Sungei Way, at the crossroads of the Lebuhraya Damansara-Puchong and the Federal Highway.

The project comprises 30 Jewels (seven- to eight-storey lifestyle shop-offices), Gourmet Street (one- to two-storey retail outlets), i-SoVo (Small office Versatile offices), serviced apartments, and mall, boutique hotel and office towers.

The phase one featured i-SoVo tower 3, where 80 per cent of the units, priced from RM599,000 were sold, as well as 30 Jewels and Gourmet Street.

Some 96 per cent of 30 Jewels, which is worth more than RM10 million each, and 37 per cent of Gourmet Street, comprising 20 retail outlets worth from RM4.5 million, were taken.

Due to overwhelming sales and demand for i-SoVo tower 3, Mah Sing is selling the second block under Phase Two, known as i-SoVo tower 3A, comprising 212 units.

CIMB Research, meanwhile, is maintaining its forecasts and target price of RM3.30 on Mah Sing, based on an unchanged target market price to earnings of 14.5 times, largely because of the impressive take-up for Icon City's phase one.

The RM426.5 million sales achieved by Mah Sing for the phase one make up around 18 per cent to 23 per cent of its full-year sales target of RM2 billion to RM2.5 billion, the research house said.

By Business Times

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