KUALA LUMPUR: Mah Sing Group Bhd
via its wholly-owned subsidiary Capitol Avenue Development Sdn Bhd has proposed to acquire three tracts of land in Ampang, in Hulu Langat, Selangor, for the development of M Araya, an urban home project, for a total of RM186.17mil.
The proposed development is expected to have a gross development value of RM1.92bil, based on preliminary plans and subject to approval from the authorities.
In a stock exchange filing, the property developer said the proposed acquisition reflects its continued confidence in Ampang as one of the Klang Valley's established residential markets.
"Following the success of M Suites and M City, both of which are fully sold out, this marks the Group’s third development in the well-established Ampang neighbourhood," it said.
"The group is confident that the residential project to be undertaken on the kands will further strengthen its market position and contribute positively to its future growth and
earnings outlook."
Conditional sales and purchase agreements have been signed with Chin & Tan Holdings Sdn Bhd for two of the target tracts, measuring 30,447sqm and 8,024 sqm, and valued at RM109.9mil and RM12.72mil respectively, while a third tract, measuring 19,681sqm is to be acquired from Destar Nurani (M) Sdn Bhd for RM63.55mil.
The proposed acquisitions are expected to be completed in the second half of 2027.
