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Tuesday, October 11, 2011

Mah Sing, China firm in deal on 3 towers at Mont' Kiara project

KUALA LUMPUR: Mah Sing Group Bhd, Malaysia's fifth largest property developer by revenue, has partnered a Chinese firm to build three towers at its RM408 million Icon Residence Mont' Kiara project in Mont' Kiara, Kuala Lumpur.

The firm, a diversified group from China, will build the towers in exchange for 96 units from Mah Sing.

The units are worth a combined of RM220.8 million, or an average RM1,200 per square foot, said Mah Sing group managing director-cum-group chief executive Tan Sri Leong Hoy Kum.

Icon Residence Mont' Kiara comprises three towers with a total of 260 units. Each unit is worth an average of RM2.3 million.

With the Chinese firm taking up 96 units, this would mean Mah Sing has sold 60 per cent of the project since the project launch in June this year.

Leong said this is the first arrangement between Mah Sing and the Chinese firm and also the first of its kind for the group.

He said this arrangement will free up the construction cost for Mah Sing, allowing the group to use its cash flow for other opportunities.

Leong added that it will also set a precedent for similar arrangements in the future for Mah Sing's other projects.

"This is a win-win arrangement for both parties as we believe there is plenty of upside to the project once it is completed, and Mah Sing effectively does not have to come up with further cashflow to complete the project," Leong said.

Dubbed an architectural masterpiece, Icon Residence Mont' Kiara is a one of its kind serviced residence and the first in the region to adopt a distinctive Mediterranean theme.

It will be Green Building Index and Green Mark compliant with some features, such as variable refrigerant flow air-conditioning system with energy saving benefits and automated waste collection and rain water harvesting system.

Leong said the project has attracted strong interest from Hong Kong, China, Singapore, Indonesia, Taiwan, Korea and Malaysia.

Meanwhile, Leong said Mah Sing will not revise its sales target of RM2 billion for 2011. The company has achieved RM1.7 billion as at September 2011.

By Business Times

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