PETALING JAYA: Mah Sing Group Bhd will be building a new transit environment district (TED) development on an eight-acre land in Puchong, Selangor, with a total estimated gross development value of about RM726mil.
In a statement, the property developer said the land was acquired for RM85.86mil and comes with the benefit of a converted title for “buildings” which will expedite the development process.
This marks Mah Sing’s first land deal in 2023, and the company is actively scouting to acquire more good pieces of land to develop affordable homes.
The proposed development is divided into two different parcels, with parcel one, covering four acres of land, to be used for a residential development called M Terra, while parcel two, the remaining four acres, will house a mixed-use development called M Hana.
Based on preliminary plans that are subjected to authorities’ approval, M Terra will be a residential development consisting of two-bedroom and three-bedroom units with indicative built-up space ranging from 552 sq ft, 769 sq ft and 1,005 sq ft, and priced from RM250,000 onwards.
M Hana, on the other hand, will feature some retail lots, according to Mah Sing.
The development is targeted for registration of interest in the second half of 2023.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum believes Puchong is a development hotspot and the acquired land already has ready infrastructure and various other amenities.
“We will add value with our concept and design, as well as our branding and execution track record.
“This is a good chance for us to extend our presence in Puchong, after the success of earlier upmarket developments nearby like Kinrara Residence in Kinrara and Garden Residence in Cyberjaya,” he said
Leong added that emphasis on its affordable M Series developments was to ensure the strong and stable performance of the group.
Mah Sing’s priority is towards land that can generate returns with turnaround efficiency, he stated.
The group’s key focus is on affordable apartments in city centres and landed link homes in suburban areas for the M-series, as well as good industrial land.
“In addition to the Klang Valley, Johor and Penang, other locations on our radar include the high-growth corridors of Seremban, Melaka and Perak,” Leong added.
Mah Sing noted its net gearing ratio as of Sept 30, 2022 had improved to a new low of 0.27 times, providing financial flexibility for further growth.
“Supported by the healthy balance sheet and overwhelming response from homebuyers for the M series of developments, the group remained active in land acquisition,” it said.