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MAH SING PUCHONG MIXED DEVELOPMENTS | Selangor (Puchong) | Pro

Published: Thursday August 28, 2014 MYT 1:31:00 PM
Updated: Thursday August 28, 2014 MYT 2:27:56 PM
Mah Sing plans RM9.3bil mixed development in Puchong, Selangor

Pic by FG27 in Lowyat


KUALA LUMPUR: Mah Sing Group Bhd plans to undertake a mixed development project in Puchong, Selangor which it expects will have a potential gross development value (GDV) of RM9.3bil.

It announced on Thursday it is buying 88.7 acres of land for RM656.89mil or RM170 per sq ft from Huges Development Sdn Bhd.

"The proposed acquisition allows the Mah Sing group of companies to replenish a large portion of its GDV and increase the sustainability of the group's earnings through the acquisition of prime landbank in Puchong.

"The proposed acquisition, based on preliminary plans, shall comprise an integrated mixed development with offerings catered to a full range of customers and will appeal to the mass market and medium to higher income households.

"The proposed development is intended to offer serviced residences, office towers, shop offices, retail lots, a retail mall and a hotel and is expected to have a potential GDV of approximately RM9.3bil," it said. The development project is expected to be developed over 10 years.

Mah Sing added it planned to offer serviced residences (executive suites) starting from RM585,000 which would cater to the mass market of youngsters and upgraders looking to stay in the central business district.

It also said based on its internal assessment of the land, the purchase consideration was within the range of acceptable land costs given the potential GDV to be generated and it was within the range of market values for similar land in the vicinity.

"Furthermore, there are no sizeable pieces of land in the vicinity which would allow the group to plan for a similar potential development. The land cost is expected to be approximately 7.1% of the total potential GDV of the development, which is reasonable to management," it added.

http://www.thestar.com.my/Business/.../Mah-Sing-plans-mixed-development-in-Puchong/
 

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Joga
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Published: Thursday August 28, 2014 MYT 1:31:00 PM
Updated: Thursday August 28, 2014 MYT 2:27:56 PM
Mah Sing plans RM9.3bil mixed development in Puchong, Selangor

Pic by FG27 in Lowyat


KUALA LUMPUR: Mah Sing Group Bhd plans to undertake a mixed development project in Puchong, Selangor which it expects will have a potential gross development value (GDV) of RM9.3bil.

http://www.thestar.com.my/Business/.../Mah-Sing-plans-mixed-development-in-Puchong/
Years back when I grew up as a kid near IOI Mall the Mah Sing's proposed development site was a wide tin mining area.

Besides the overturned of the mining ship in Kinrara, another incident that stick to my mind - the collapse of the road near IOI Mall.

Years passed by & all is well. But I still will cautious myself if I know the history of the place.
 
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