KUALA LUMPUR: Mah Sing Properties Sdn Bhd, a subsidiary of Mah Sing Group has acquired 4.63 acres of freehold land in Mukim Petaling for RM90.3mil inclusive of development charge to build residential suites.
Although the land has a development order, Mah Sing planned to build it to fit the current market demands, it said.
In a statement yesterday, the property developer said the niche project was expected to have a gross development value (GDV) of around RM500mil.
“The project will enjoy a large captive target market as the land straddles the highly populated and established neighbourhoods of Old Klang Road, Sri Petaling, Bukit Jalil and Salak South, and is within a 10km radius of KLCC, Cheras, Ampang, Petaling Jaya and Seri Kembangan.
“It is only 800m to the upcoming Taman Naga Emas MRT station along MRT Line 2 which is on track to be completed by July 2021 and fully operational by 2022,” it said.
Director of group strategy and operations Lionel Leong (pic) said there are plans to build two to four-bedroom units for first time homebuyers and upgraders with a built up from 700 sq ft priced from RM428,000.
“We shall be doing a registration of interest exercise soon. From the actual transactions listed in valuation and property services department, we also see high demand for bigger units.
“For this target market, we intend to design three to four-bedroom units,” he said.
In total, the acquisition would increase Mah Sing’s prime landbank to 2,109 acres with a total GDV and unbilled sales of RM26.2bil.
Most of Mah Sing’s landbank is in the Klang Valley inclusive of this acquisition.
In view of the prime landbank and affordable pricing, the company said it is well-positioned to meet the market demands.
A report by National Property Information Centre in 2017 said that Klang Valley accounted for nearly half of the value of residential property transactions of RM32.3bil compared with RM68.5bil in the whole of Malaysia.
It also said that 47% of the total residential transaction value of RM68.5bil came from price points of between RM300,000 and RM1mil.
Moving forward, Mah Sing’s group managing director Tan Sri Leong Hoy Kum said the group would continue to provide homes with luxury features at affordable rates.
“We believe demand will persist for the right product in the right location, at the right pricing,”