Mah Sing acquires Setapak land for M Adora project

M-Adora

KUALA LUMPUR: Mah Sing Group Bhd has acquired 4.515 acres of prime land in Wangsa Melawati in Setapak for about RM61.97mil for the development of its M Adora residential project.

In a statement issued today, the developer said like its last two land purchases, the land comes with an approved development order, which facilitates a quick turnaround.

“All three projects open for registration this year and this has once again proven our commitment in expanding our landbank for projects in strategic locations in Klang Valley and are ready for immediate development," said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.

"Coupled with our unique quick turnaround model, we believe M Adora will be able to match the current market demand for affordable housing that comes with ample amenities. This is what we call 'luxury you can afford'.

Based on preliminary plans, the project will comprise two blocks of affordable residential development with an estimated gross development value of RM378mil.

The most affordable units will have an indicative built up starting from 850 sq ft and indicative starting price of RM468,000.

The development is situated 9km from KLCC and 800m from Middle Ring Road 2, while the Wangsa Maju Mall's covered walkway to Sri Rampai LRT station is 1.8km driving distance and 900m walking distance away.

The company said M Adora is targeted at first-time homebuyers and upgraders as well as the city's professionals who are looking to stay near the central business district.

The project will be developed over four years and will be open for registration of interest by the fourth quarter of this year.

This marks the third land acquisition by Mah Sing this year, following on the heels of M Oscar in Kuchai Lama and M Luna in Kepong.

Movng forward, the developer aims to acquire more strategically located land in the Klang Valley, with its expansion drive underpinned by a balance sheet with cash and bank balances of RM1.3bil for the quarter ended March 31, 2019.