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Thursday, October 6, 2011

Mah Sing to offer beginner homes in Rawang

KUALA LUMPUR: Mah Sing Group Bhd plans to launch linked beginner homes, indicatively priced from RM390,000, by as early as the first half of next year in Rawang.

"We intend to price the properties in M Residence@Rawang within the reach of first-time home buyers in line with the government's call for more affordable housing by private developers," said Mah Sing's group managing director cum group chief executive Tan Sri Leong Hoy Kum.

The 226-acre freehold township will have an estimated gross development value of RM948 million.

Yesterday, the developer signed an agreement to acquire Semai Meranti Sdn Bhd, the land owner in Rawang for RM57 million.

Leong said this is Mah Sing's third land deal this year and it wants to replicate the success of the Aman Perdana township in Meru-Shah Alam as well as Kinrara Residence in Puchong and Garden Residence in Cyberjaya where they have have created self contained, secured lifestyle townships.

"The preliminary plans include two-storey link homes, townhouses, semi-detached homes, three-storey shops and various facilities and amenities," Mah Sing said in a press statement.

"The master layout and development order for mix development has been obtained and registration of interest for the project is expected to commence in the fourth quarter of this year. M Residence@Rawang is expected be developed over three to four years," Mah Sing said.

According to Leong, the project is a prime example of Mah Sing's quick turnaround business model.

"We only need to refine the product mix to meet current market demand, and we see this as mass housing targeting first time and younger middle class home buyers over the next 12 to 24 months."

By Business Times