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Tuesday, August 2, 2011

Mah Sing, Asie to develop prime land

Mah Sing Group Bhd’s wholly-owned unit, Grand Pavilion Development Sdn Bhd, has signed a joint venture agreement with Asie Sdn Bhd and its subsidiary, Usaha Nusantara Sdn Bhd, to develop a 1.63-hectare prime land along Jalan Tun Razak-Jalan Pahang.

In a statement today, Mah Sing said Usaha Nusantara would grant Grand Pavilion the sole and absolute right to undertake the development of the land for an entitlement of RM106.60 million to be settled via 60 per cent in cash and 40 per cent stake in Grand Pavillion.

The joint-venture land formed part of the 23.42ha privatized urban regeneration project in Kuala Lumpur with a gross development value (GDV) of RM9 billion, whereby Asie has been granted full rights of and approvals for a mixed development, it said.

Mah Sing said the urban regeneration project would comprise residential and commercial properties and community, leisure, recreation and infrastructure facilities on 15 parcels of development land together with five air rights in Precinct 2-Pekeliling of the River Corridor Development under the Blue Corridor policy of Kuala Lumpur City Plan 2020.

It said for this first joint venture, it intended to develop a niche development, named M Sentral, with an estimated GDV of approximately RM900 million.

"The M Sentral will comprise smaller-sized and more affordable serviced residences as there is strong demand due to lower entry prices, as well as some retail units," it said.

By Bernama

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