Mah Sing boosts land bank with purchase of Cosmowealth

PETALING JAYA: Mah Sing Group Bhd has acquired 78% of Cosmowealth Housing Development Sdn Bhd for RM54.96mil, to be paid over six years.

Mah Sing said RM6.56mil was paid upon signing of the agreement, with the balance consideration payable on a deferred payment basis over a period of 72 months.

Cosmowealth had earlier signed a sales and purchase agreement (SPA) to acquire 8.5 acres of prime freehold land in Sentul, fronting Jalan Sentul Pasar, for about RM95mil, of which RM6mil has been paid upon the execution of the land SPA.

The remaining RM89mil would be paid by Cosmowealth within six months of the land SPA, with an automatic extension of two months.

“Based on preliminary plans, the group will undertake a residential development named MCentura on the Land comprising serviced apartments, with an estimated gross development value (GDV) of about RM1.3bil.

“The development, which is planned to be affordably priced, intends to offer well thought layout and practical units with indicative built-ups of 650 sq ft, 850 sq ft and 1,000 sq ft priced from RM326,000 per unit and aims to target the mass market segment, especially first time homebuyers, some upgraders, medium income households and working professionals looking to stay close to the city,” Mah Sing said.

Mah Sing said that it was focused on increasing its land bank in Klang Valley, where demand remains resilient due to population and economic growth and aimed to expand the overall remaining GDV from the current 65% to 75% over the next two to three years.

“The proposed development, which is merely 8.3km from KLCC and located in the matured location of Sentul, is expected to have access to over eight million population of the Klang Valley as its natural catchment,” the statement said.

In a separate development, Mah Sing said it is encountering a temporary setback with regards the purchase of five parcels in the vicinity of Titiwangsa in Kuala Lumpur.

In a filing with Bursa Malaysia, the developer said it has received a letter from advocates & solicitors Messrs Abdullah Chan & Co yesterday with regards the rightful ownership of that Titiwangsa land.

The company, together with its legal counsel, are in the course of verifying the claim. A further announcement on the matter will be made in due course, the company said.

Mah Sing had announced last week that it was proposing to acquire five pieces of adjoining freehold land totalling 3.56 acres fronting the Titiwangsa Lake Garden for up to RM60mil from a private individual.