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Tuesday, May 22, 2012

Mah Sing to build township

PETALING JAYA: Mah Sing Group Bhd plans to undertake the building of a mixed township near Bangi, Selangor, after acquiring 412 acres there.

In a statement yesterday, it said it was paying RM333.26mil or RM18.55 per sq ft for the land.

In its third landbanking exercise, 408 acres of freehold land there will be from Boon Siew Development Sdn Bhd for RM330.8mil and the remaining 4 acres of leasehold land from an individual party.

Under the project Southville City, Mah Sing will provide 17,500 people with homes. Its first phase of this gated and guarded project will feature mainly double-storey link homes indicatively priced from RM530,000 onwards.

About 70% of the project's residential component will be priced below RM1mil to meet strong market demand for bread and butter properties.

The land is situated along the North South Highway, 3.2km from Universiti Kebangsaan Malaysia and 2.6km from the Sony plant. To allow direct access to the project, Mah Sing is planning a new interchange on the North South Highway just 2.5km from the existing Bangi interchange.

Mah Sing group managing director and group chief executive Tan Sri Leong Hoy Kum said: “The inherent appeal of the location along the North South Highway, proposed direct interchange and Mah Sing's expertise in township masterplanning make Southville City a very exciting development to look forward to. We believe our project offerings comprising residential and commercial products, mainly shops that meet market demand, complemented with extensive soft and hard landscaping, clubhouse and various facilities and amenities will do very well.”

Apart from the existing access routes, there are also plans to build a linkage from the Putrajaya Interchange to Jalan Kajang-Dengkil. This will further enhance access to the township.

The group is still actively looking for land to add to its landbank, which must also fit its quick turnaround business model.

“We want to replicate and even beat the success of our award-winning Aman Perdana township in Meru-Shah Alam and M Residence@ Rawang as well as Kinrara Residence in Puchong and Garden Residence in Cyberjaya where we have created self contained, secured lifestyle townships,” Leong added.

Following this acquisition, Mah Sing has met approximately 73% of its 2012 full-year landbanking target, which is to buy land that can generate a gross development value of RM5bil.

The group is still actively looking for land to add to its landbank, which must also fit its quick turnaround business model.

By The Star

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