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Monday, October 10, 2011

Mah Sing secures RM221mil bulk sales in Icon Residence Mont Kiara

KUALA LUMPUR: Mah Sing Group Bhd has secured a RM220.8mil bulk sale of 96 units of serviced residences in Icon Residence Mont Kiara, at an average pricing of RM1,200 per square foot.

The units were taken up by an established Chinese corporation that would undertake the construction of buildings and external works of the entire project in return for the 96 selected units, Mah Sing said in a statement today.

Mah Sing will be the sole marketing agent for the 96 units. “This is indeed an innovative arrangement as it frees up the construction cost for Mah Sing and allows us to use our cash flow for other opportunities. “It also sets a precedent for similar arrangements in the future for other Mah Sing projects,” said Mah Sing Group Managing Director/Chief Executive Tan Sri Leong Hoy Kum without naming the Chinese corporation.

Icon Residence Mont Kiara, dubbed the first in the region to adopt a distinctive Mediterranean theme, comprises 260 units in 3 iconic towers.

This bulk sale brings the take up of the project to more than 60%.

Mah Sing said the project had attracted strong interest from Hong Kong, China, Singapore, Indonesia, Taiwan, Korea as well as Sabah and Sarawak.

“Mah Sing intends to start a series of roadshows to these countries to reach out to its registrants and facilitate their purchase,” it said.

By Bernama

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