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http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/all/B6BE9570F5DF4C74482577D0001C76AE/$File/M%20City.pdf
Mah Sing acquire lands for combined GDV of RM1.2 bil
By Joseph Chin
Wednesday, 03 November 2010 14:11
KUALA LUMPUR: Mah Sing Group Berhad has acquired two parcels of land in Ampang and Cyberjaya with a combined gross development value (GDV) of about RM1.2 billion.
The 4.7-acre tract in Jalan Ampang was acquired for RM114.9 million (RM560.63 psf). It is earmarked for a niche project,Ampang which comprises serviced residences, SoHo and retail outlets. The project, to be developed over five years has an estimated GDV of RM920 million.
Given its freehold status and scarcity of land in this prime location, Mah Sing group managing director and group chief executive office Datuk Sri Leong Hoy Kum called the acquisition “very strategic”.
“The land is flat and vacant, and ready for immediate development. Furthermore, conversion premium to commercial development has been paid for one part of the land measuring 1.86 acres. This parcel also comes with substructure for two levels of basement car parks.
This provides substantial cost savings and will also expedite our construction therefore, this fits nicely into our business model of having a quick turnaround for niche projects,” said Leong in a press release on Wednesday, November 3.
Preliminary plans include flexible-sized serviced residences and SoHo with built-ups from approximately 500 sq ft, with indicative pricing from RM398,800.
Also planned are lifestyle retail outlets fronting Jalan Ampang with a land size of approximately 28 ft x 78 ft and a landscaped deck on the 6th floor, which will also house amenities such as a swimming pool, gym and various other facilities. The indicative pricing for the retail outlets starts from RM398,800.
The tract has an advantageous topography offering views of Petronas Twin Towers, Taman Tasik Ampang Hillir and the Titiwangsa mountain range.
"We are toying with the idea of vertical green lungs in M City. With its prime location and our concept, we believe M City will be a preferred residential address as well as an excellent choice for those intending to set up businesses in the area or for investment purpose,” said Leong.
M City is located about 1.26 km from Mah Sing’s serviced residences, M Suites Jalan Ampang.
Meanwhile, the 34.86-acre freehold tract in Cyberjaya was acquired for RM51.6 million. The tract is adjacent to Mah Sing’s Garden Residence township, adding RM280 million to Garden Residence’s GDV and augments the township size to approximately 150 acres.
The gated and guarded residential development with a resort lifestyle environment was launched in March 2010 and as at October has generated RM540 million in sales. The strong response to Garden Residence has prompted Mah Sing to speed up its launches.
“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,” said Leong.
Preliminary plans indicate an offering of 2- and 3-storey semi detached homes with built-up sizes from 3,076 sq ft. Indicative pricing is approximately RM1.28 million for the 2-storey semi-detached units and RM1.438 million for the 3-storey semi-detached units.
Both projects are expected to start registration of interest soon, with construction for both sites expected to begin in the first half of 2011.
Meanwhile, Mah Sing’s Garden Plaza comprising residential suites (Garden Suites) and lifestyle retail shops (Garden Retail) has also generated good response.
The development is situated directly opposite Lim Kok Wing University, and recently drew more than 3,000 registrants for the currently previewed Garden Suites.
The suites offers fully furnished small- to medium-sized units in a move-in condition and are targeted at users as well as investors looking to tap into the vibrant student population in Cyberjaya, which is currently in excess of 17,000 and expected to grow further.
Indicative pricing for the smallest unit of 500s sq ft starts from RM236,800 and there are variussizes to meet various requirements.
Mah Sing, recently ranked ninth in The Edge Top Ten Property Developers Award, has to date in 2010 acquired new projects with a combined GDV of RM3.1 billion. This is part of the company’s strategy to build a strong reserve of prime land that is ready for launch in the immediate to mid-term.
The company currently has projects with remaining GDV and unbilled sales of about RM8.64 billion, strategically located in the Klang Valley, Kuala Lumpur, Penang island and Johor Bahru.
These landbanks should last the Group between five to seven years.
