Bird's eye view of the Titiwangsa land which Mah Sing plans to build residential condominiums.
KUALA LUMPUR: Mah Sing Group Bhd
has taken its affordable housing objective one step further with a proposed residential condominium near the Taman Titiwangsa here, indicatively priced from RM485,000 per unit with built-up from 850 square feet.
It said on Wednesday its unit Mah Sing Properties Sdn Bhd had signed a conditional sale and purchase agreement with Saw Shiuo Shyong @ Sonny Saw for the proposed acquisition of five pieces of adjoining freehold land.
Mah Sing said the site, which is 3.7km away from Kuala Lumpur City Centre and the Petronas Twin Towers, is zoned for residential development and fronts Titiwangsa Lake Garden.
It is only 250 meters walking distance from the upcoming Hospital KL MRT station, close to Istana Budaya, and 1.8km away from the Titiwangsa LRT, monorail and MRT interchange.
It is also directly accessible via Jalan Tembeling off Jalan Kuantan, and other major thoroughfares and expressways in the vicinity include Jalan Tun Razak, DUKE Highway and Middle Ring Road 2 Highway.
The land is slated for affordable transit oriented, lake side condominiums with indicative built up from 850sqft, indicatively priced from RM485,000.
Mah Sing expects an estimated gross development value of up to about RM650mil for the development, with purchase consideration of up to RM60 million assuming density of 350 per acre or more is obtained for the development order.
The total purchase consideration will be adjusted accordingly in the event the density procured is lower than 350 units per acre.
The land is regularly sized, almost a square shape and on flat terrain ready for immediate development.
The acquisition is in line with Mah Sing’s focus to acquire prime land in strategic locations especially in the Klang Valley and will increase Mah Sing’s prime landbanks to 2,328 acres, with total remaining GDV and unbilled sales of RM30.9bil.
Mah Sing’s group managing director Tan Sri Leong Hoy Kum said: “We target to increase our landbanks in Klang Valley to 75% of our overall remaining GDV within the next two to three years, from the current 62%.
According to the National Property Information Centre (NAPIC), in 2016, the value of property transactions in the Klang Valley itself was RM30.81bil, accounting for nearly half of the RM65.6bil achieved in the whole of Malaysia.
“Demand in the Klang Valley has remained resilient due to population and economic growth. By stepping up land acquisitions in Klang Valley with focus on affordable pricing, we will be in a better position to meet market demand,” he said.
Leong said in tandem with the focus on Klang Valley, Mah Sing remains committed to delivering quality homes with affordable pricing as a result of the widening gap between supply and demand for this segment.
In terms of demand, 48% of the total transaction value of RM65.6bil for the residential sub-sector in 2016 came from units, priced between RM300,000 to RM1mil (vs 45% in 2015) per NAPIC’s report.
Limited time offer:
Just RM5 per month.
