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KUALA LUMPUR: Mah Sing Group Bhd has acquired two parcels of freehold land for RM166.5mil which are expected to generate a combined gross development value (GDV) of RM1.2bil.The 1.88ha in Jalan Ampang, named M City Jalan Ampang, will be a niche project comprising serviced residence and retail outlets with an estimated GDV of RM920mil to be developed in five years.
“The land is flat and vacant and ready for immediate development. Furthermore, conversion premium to commercial development has been paid for part of the land and it comes with a sub-structure for two levels of basement car parks,” group managing director and group chief executive Tan Sri Leong Hoy Kum said in a statement yesterday.
Mah Sing has also acquired a 13.94ha freehold land next to its Garden Residence township in Cyberjaya which will add RM280mil to Garden Residence’s GDV and expand the township size to 60ha.
“Together with this latest acquisition, Garden Residence is a sizable project which will take between three and five years to complete.
“It is certainly an opportune time to replenish our land bank in order to meet the strong demand and we intend to create an exclusive enclave of semi-detached homes on the new land,” Leong said.
To date, the group had acquired new projects with a combined GDV of RM3.1bil. – Bernama
Meanwhile, it currently has projects with remaining GDV and unbilled sales of RM8.64bil.
By Bernama
