KUALA LUMPUR: Mah Sing Group Bhd
’s wholly owned subsidiary Venice View Development Sdn Bhd has entered into a conditional sale and purchase agreement to acquire 40.4686 hectares (100 acres) for RM103.75 million.
Located in Johor, the site is about 400 metres from a June 2023 purchase of 30.63 ha (75.7 acres) known as M Tiara. This latest acquisition is estimated to have a gross development value of RM1.45 billion, Mah Sing said today. Amanah Raya Bhd is the vendor.
"This acquisition is a strategic move by Mah Sing due to the anticipated growing demand in Johor’s property market,” the property developer said in a statement today.
Founder and group managing director Tan Sri Leong Hoy Kum said the group embarked on the purchase less than a year after M Tiara because it aligns with market demand, driven by upcoming infrastructure projects such as the Johor Bahru-Singapore Rapid Transit System (RTS) and the potential revival of the KL-Singapore high-speed rail project. Both will boost economic activities in Johor Bahru.
"The Johor-Singapore Special Economic Zone (JS-SEZ) is expected to stimulate the economic activities between Singapore and Johor,” the statement said, adding that this is the group’s second land deal this year.
It will build double-storey linked housing, a serviced apartment block and double-storey shops on the site. Registration of interest is expected to start in the first quarter of 2025, the statement said.
"We have garnered over 5,000 registrants of interest in less than 10 months since the acquisition of M Tiara, which will comprise 754 landed residential units. This remarkable response has bolstered our confidence to meet market demand quickly,” Leong said.
The statement said the group has a strong balance sheet, ample liquidity, RM981.3 million in short-term investments and a low net gearing ratio of 0.08 times as of Dec 31, 2023.
It also said the group will continue to buy strategic parcels in Klang Valley, Johor and Penang. - Bernama
