KUALA LUMPUR: Mah Sing Group Bhd has acquired a 500 acres freehold land in Semenyih with an estimated gross development value (GDV) of RM3.3bil.
“To be named Glengowrie Estate, the land is planned as an integrated township development comprising mainly double-storey landed homes with indicative prices starting from RM446,800,” the developer said in a statement.
Mah Sing said the sale and purchase agreements (SPAs) were signed with Petaling Garden Sdn Bhd, a subsidiary of S P Setia Bhd for RM392.04mil.
It added that the development charge, improvement service fund (ISF) and part of integrated water supply scheme (IWSS) costs have been paid by the vendor. Part of the external infrastructure has also been completed.
An undulating land form allows Mah Sing the opportunity to explore unique design and creative opportunities while maximising land use, it said.
Founder and group managing director Tan Sri Leong Hoy Kum said this acquisition is its most significant land acquisition in recent years and the scale of the project will allow very good master planning.
“The acquisition will increase our township lands which will cater for demand of landed residential properties in the suburbs, in addition to high-rise residential properties in the city and industrial land in suitable locations.
“Glengowrie Estate will build on the success of our affordable landed and township developments such as M Senyum in Salak Tinggi, M Aruna, M Panora and M Residence 1&2 in Rawang, Southville City in Bangi and Meridin East in Johor,” he said.
According to preliminary plans, this integrated township will be developed with double storey landed homes, well-planned amenities and commercial lots. The residential homes will be reasonably priced with an indicative starting price from RM446,800.
Mah Sing said subject to authorities’ approval and fulfilment of conditions precedent, the proposed development is expected to commence by third quarter of 2024 and to be developed over 8 to 10 years. Awareness programme and registration of interest for the project is expected to commence in 2024.
Leong said this is Mah Sing's third land acquisition this year, following the acquisition of M Tiara, a 75.7-acre freehold land in Mukim Pulai, Johor Bahru with an estimated GDV of approximately RM480mil on June 13.
“The acquisition will increase Mah Sing’s prime landbanks to 2,418 acres, with total remaining GDV and unbilled sales of RM26.86bil,” he added.