KUALA LUMPUR: Property projects with a good value for money and in the right locations are known to capture buyers.
With that in mind, Mah Sing Group Bhd set its eyes on Cheras for its new mixed development project called M Vertica.
Located about 10 minutes from the Kuala Lumpur city centre, chief executive officer Datuk Ho Hon Sang said gone were the old days when buyers thought twice about buying a property in Cheras as the mature township is now well connected with all modes of transportation and with access to major roads and highways.
With an estimated gross development value of RM2.2bil, M Vertica will be constructed on a 11.25-acre leasehold land, which is currently occupied by Stadium Badminton Kuala Lumpur.
Ho said the project comprises 3,681 units of serviced apartments spread over five high rise towers. The units have indicative built-up areas of 850 sq ft and 1,000 sq ft, with the prices starting from RM450,000.
Due to its commercial status, each unit has a maintenance fee of about 30 sen per square foot (excluding sinking fund).
“What is interesting about this property development is it is located 600 metres away from the Maluri MRT and LRT interchange and 800 metres from the Taman Pertama MRT station.
“Also, it is two MRT stations away from the Tun Razak Exchange and three MRT stations away from Bukit Bintang and the Golden Triangle,” Ho noted.
The property development is also accessible via Jalan Cheras, Jalan Loke Yew, Jalan Pudu, Sungai Besi Highway, Jalan Tun Razak and KL-Seremban Highway and Middle Ring Road 2, among other highways.
Meanwhile, its retail portion includes 70 units of two-storey shop lots. This has an indicative selling price of RM1,000 per sq ft and built-ups from appoximately 840 sq ft.
According to Ho, once the developer has obtained the necessary approvals from Kuala Lumpur City Hall, construction works are expected to begin in the first quarter of 2018.
Similar to its other property projects, the affordably priced M Vertica offers convenience in terms of amenities, with Courts Mammoth located just 0.2km away.
It is also 500 metres from Aeon Maluri, about 2.5 km from Ikea Cheras and approximately 6.5 km from Royal Selangor Golf Club.
The development is a stone’s throw away from hospitals and schools.
“We have given much thought into the planning and designing of M Vertica so that home buyers, investors and retailers can enjoy the amenities and investment returns,” Ho added.
M Vertica comes with approximately 4.5 acres of landscaping and 38 facilities catering to all age groups. These include, among others, a mist garden, gymnasium, badminton court, swimming pool, multipurpose hall, sundeck, jacuzzi, yoga deck, futsal court, tennis court, bicycle and jogging tracks.
Homebuyers can visit M Vertica sales gallery, located next to the development site, to view the fully furnished show units.
Ho said the property will attract buyers in the age group of 25 to 40 years, those looking to upgrade to a new home, first time home buyers, young couples and working executives, as well as parents buying homes for their children. Mah Sing has projected M Vertica’s rental yield to be around 4.5% once the entire project is completed in five to seven years.