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Tuesday, March 27, 2012

Mah Sing enters Sabah with Sutera Avenue

KUALA LUMPUR: Mah Sing Group Bhd will enter Sabah property market with a mixed development, called Sutera Avenue with an estimated gross development value (GDV) of RM830million.

With this project, the group's landbank now stands at 490.4ha with remaining GDV and unbilled sales worth an estimated RM16.27 billion.

This provides the group with strong earnings stream for the next five to seven years, group managing director Tan Sri Leong Hoy Kum said.

Sutera Avenue will be developed on about 3.5ha of prime commercial land along the coastal highway in Kota Kinabalu's central business district.

Leong said the group is keen on Sabah market due to its vibrant economy, strong tourist trade and its population base provides a large market segment.

"Sutera Avenue is a perfect fit with our business strategy; the location is second to none, facilities and amenities abound, and we can launch the project quickly in line with our fast turnaround business strategy.

"We shall develop the project over five years, and intend to commence registration of interest by the second half of this year, as early as the third quarter," he said in a statement released yesterday.

The project is Mah Sing's second land deal in many months, as the developer has a landbanking target of acquiring new projects with potential GDV of RM5 billion in 2012.

Mah Sing's wholly owned subsidiary, Capitol Avenue Development Sdn Bhd had signed a joint development agreement with Paduan Hebat Sdn Bhd for the proposed joint development of 1.7ha for an entitlement of RM39 million or about RM210 per square foot (psf).

Capitol Avenue is also granted an option to jointly develop with Paduan Hebat another 1.76ha of adjacent site at an entitlement price of RM216 psf or abour RM41.5 million, within six months of the agreement.

In the first phase of the development, covering 1.7ha, the group plans to develop multi-storey shop offices fronting the coastal highway. This will be complemented by street mall retail lots and serviced apartments.

"These shop offices with generous lot sizes will incorporate a new and unique concept - inspired by Mah Sing's 30 Jewels and Gourmet Street shops in its flagship Icon City Petaling Jaya - appealing to both business owners, investors and future tenants.

By Business Times

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