KUALA LUMPUR: Mah Sing Group Bhd has acquired a 75.7-acre freehold land in Pulai, Johor Bahru for RM76.1mil.
In a statement, the property developer said the newly acquired land was to be named M Tiara and planned for landed residential homes with an estimated gross development value (GDV) of approximately RM480mil.
“M Tiara is ideally located in a mature location and easily accessible to educational institutions, shopping outlets, recreational facilities, and other amenities.
“We believe that first-time home buyers or those looking to upgrade from nearby areas while remaining close to a familiar location will find M Tiara appealing,” founder and group managing director Tan Sri Leong Hoy Kum said in a statement.
This marks Mah Sing’s second land deal in 2023 following the purchase of an 8-acre land in Puchong earlier this year, for the transit environment district (TED) development of M Terra and M Hana with an estimated GDV of approximately RM726mil.
The group will continue to scout for more strategic lands in Klang Valley, Penang and Johor backed by a healthy balance sheet with cash and bank balances and investment in short-term funds of approximately RM706.9mil as reported in Mah Sing's 1Q23 results.
Based on preliminary plans and subject to authorities’ approval, M Tiara is envisioned to be a landed residential project comprising double storey terrace and double storey cluster homes with indicative built-up of 20’/22’x70’ and 32’x70’/75’ respectively and with indicative starting price from RM624,800.