Leong said M Zenya will be able to tap into the catalytic effects of Keponggi Square.
KUALA LUMPUR: Mah Sing Group Bhd
will be developing a 4.88-acre residential development in Kepong, Kuala Lumpur, with a total estimated gross development value (GDV) of RM500mil.
It will be the group’s fourth project in Kepong, as well as its fourth land acquisition for 2023, contributing to a total combined estimated GDV of RM5bil to date.
“The addition of the new acquisition expands Mah Sing’s prime land bank to 2,423 acres, with a total remaining GDV and unbilled sales of RM27.36bil, ensuring consistent and visible earnings for the group,” Mah Sing said in a statement yesterday.
Last month, it announced that it had acquired 500 acres of freehold land in Semenyih from S P Setia Bhd for RM392mil.
The same month, the group revealed that it had acquired a 75.7-acre freehold plot of land in Pulai, Johor for RM76.1mil.
The Pulai and Semenyih land parcels marked Mah Sing’s second and third land deals in 2023, respectively, following the purchase of two parcels of land in Puchong, Selangor, for RM85.9mil, in January.
The new development, named M Zenya, will build on the success of Lakeville Residence, M Luna and the soon-to-be-launched M Nova in Kepong, said the company.
“Mah Sing believes that M Zenya will enhance its position in this area and capitalise on the increased interest generated by current projects.
“In keeping with Mah Sing’s business model of a quick turnaround, the land comes with the benefit of development order with an approved plot ratio of 1:6.”
Mah Sing said the land title is converted with premium paid and earthworks partly completed, which will expedite the development process.
“Based on preliminary plans and subject to authorities’ approval, M Zenya will be a mixed development with commercial or retail lots and two, three and four bedroom residential units, with indicative built-up ranging from 718 sq ft to 1,067 sq ft.
“The units will be affordably priced, with an indicative starting price from RM420,000. M Zenya is targeted for registration of interest in the second half of 2023.”
The group said M Zenya will be developed under an unincorporated joint venture agreement with the landowner, Liberty Triangle Sdn Bhd, where Mah Sing’s wholly-owned subsidiary Star Residence Sdn Bhd shall be paying a total JV consideration of RM85.3mil.
“This comprises landowners’ entitlement of RM70mil and fixed guaranteed return of RM15.3mil.
“Payment for the JV consideration is deferred and staggered, where part of the JV consideration is payable 18 months from the date of the JV agreement, with the balance upon completion and after vacant possession of development units.”
Mah Sing will be granted sole development rights and have full control of the management and operations of the project.
Located beside the 250-acre Kepong Metropolitan Park and close to the 140-acre Kepong Metropolitan Lake, M Zenya is next to retail project Keponggi Square and within a 1km radius from Mah Sing’s M Luna.
The project is also within a 3km radius from M Nova and 5km from Lakeville Residence.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said M Zenya will be able to tap into the catalytic effects of Keponggi Square.
“Given M Zenya’s proximity to upcoming retail convenience, we will primarily be offering services apartments with a variety of amenities to appeal to residents, as well as certain commercial and retail lots to supplement residential needs.
“Encouraged by the success of M series products, the group will continue to actively scout for good land to develop affordable homes.”
Leong added that greater emphasis on the group’s affordable M Series developments had ensured the strong and stable performance of the company.
“We will prioritise land that can generate returns with turnaround efficiency, with key focus on affordable apartments in city centres and landed link homes in suburban areas for the M-series, as well as good industrial lands,” he said.
