Mah Sing invests RM180mil for interchange at Bangi project

BANGI: Property developer Mah Sing Group Bhd is investing RM180mil for the new interchange at its Southville City development.

At the soft launch of the Interchange today, Mah Sing group managing director Tan Sri Leong Hoy Kum said the new interchange will be officially opened to the public by the middle of next month.

With the completion of the new interchange, Southville City will only be a 19km drive away from Kuala Lumpur city, as opposed to the previous 25km distance.

The interchange will allow easy access and will drastically reduce the driving distance into Southville City and its neighbouring districts such as Dengkil, Sepang, Semenyih, Bangi, by approximately 6km if compared to the current access via Bangi toll and 4km for North bound via Putra Mahkota exit.

Southville City is a freehold masterplanned township with a gross development value of RM11.1bil.

The township sits in between Seremban/Nilai and Kuala Lumpur.

Mah Sing achieved RM1.8bil in sales in 2017, with 45% of residential sales coming from affordable products below RM500,000.

For its fourth quarter ended Dec 31, 2017, Mah Sing’s net profit rose 3% to RM88.78mil from RM85.61mil in the previous corresponding period on the back of steady sales from its various ongoing property projects.

Revenue in the fourth quarter increased to RM760.84mil from RM742.18mil a year earlier.

For the financial year ended Dec 31, 2017, Mah Sing’s net profit improved to RM361.90mil from RM361.36mil in the previous corresponding period, while revenue was flat at RM2.92bil from RM2.96bil a year earlier.

Mah Sing has 2,125 acres of undeveloped land with remaining gross development value and unbilled sales of RM27.6bil, which can support the group’s revenue and earnings growth for the next eight years.