KUALA LUMPUR: Mah Sing Group Bhd
's wholly-owned subsidiary Loyal Sierra Development Sdn Bhd is acquiring from several vendors freehold prime lands in Pulai, Johor Bahru, with a total size of 59.12 acres for RM62.98mil.
This marks the group’s third land acquisition in Pulai, following the purchase of 100.4 acres in April 2024 named M Tiara 2 and the 75.7-acre M Tiara acquired in June 2023.
The lands will be developed into a township named M Tiara 3, featuring spacious super-linked homes with indicative home prices starting from RM780,000.
"We believe that there is booming demand for properties in Johor, hence this acquisition presents a good opportunity for us to continue to expand our presence in this area," said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum in a statement.
The township, which will have an estimated gross development value of RM463mil, is expected to be a continuation of M Tiara 2.
Mah Sing plans to fund the proposed acquisition through a combination of internally generated funds and bank borrowings.
The proposed acquisition is expected to completed in the first half of 2025.
