KUALA LUMPUR: Mah Sing Properties Sdn Bhd, a wholly-owned subsidiary of Mah Sing Group (Mah Sing), has acquired a plot of freehold land in Mukim Petaling for RM90.3 million, inclusive of development charges.
Mah Sing said the land will be used for a quick-turnaround niche development as the 1.87-hectare land comes with a development order but in view of the prime location the group intends to revisit the development plans in order to fit current market demand.
It said the acquisition was in line with the group’s focus to increase its presence in the Klang Valley, especially in the affordable property range and its prime land bank has increased to 853.48 hectares, with total remaining gross development value (GDV) and unbilled sales of RM26.2 billion.
“This acquisition fits our strategy of land banking for niche projects in good locations which are ready for immediate development,” said group managing director Tan Sri Leong Hoy Kum.
Group strategy and operations director Lionel Leong said the new project is targeted at first-time home buyers and some upgraders, as well as the city’s professional population who are looking to stay near to the central business district with ready amenities and infrastructure.
“The land is in a prime location and the plan will be to build two-bedroom units for first-time house buyers, with an indicative built up area from 700 square feet and priced from RM428,000.
“Additionally, we believe there will be a large pool of these buyers as their families may be staying within the surrounding established neighbourhoods. For this market, a choice of three to four bedroom units will be available,” he said.
Leong added that a registration of interest exercise would be conducted soon. - Bernama
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