Nov 4, 2010
Mah Sing acquires two new freehold lands with GDV worth approximately RM1.2billion;
Taps strong demand from existing projects in Ampang and Cyberjaya
Mah Sing Group Berhad acquired two new pieces of lands with a combined gross development value (GDV) of approximately RM1.2billion in Ampang and Cyberjaya.
M City Jalan Ampang
M City Jalan Ampang which sits on 4.7acres of freehold land along Jalan Ampang was acquired for approximately RM114.9million or about RM560.63 per square foot.
Located close to Ampang Point, M City Jalan Ampang enjoys a wide frontage of Jalan Ampang and is less than 5 km from KLCC. It is also within a short distance from the Great Eastern Mall as well as Gleneagles Intan Medical Center. M City is only approximately 1.26km from the Group’s successful serviced residences project, M Suites Jalan Ampang which was acquired just over 6 months ago and has been recently previewed.
M City Jalan Ampang will be a niche project comprising serviced residences, SoHo and retail outlets with an estimated GDV of approximately RM920 million to be developed over 5 years. Preliminary plans for M City include flexible sized serviced residences and SoHo with built-ups from approximately 500 sq.ft. with indicative pricing from RM398,800.
There will also be lifestyle retail outlets with land size of approximately 28’ x 78’ with indicative pricing from RM1.6million with prime frontage of the bustling Jalan Ampang. There are plans for a landscaped deck on the 6th floor which will also house amenities such as a swimming pool, gym and various other facilities. There shall be ample carparks for the convenience of residents, tenants and visitors.
Tan Sri Datuk Sri Leong Hoy Kum, Group Managing Director and Group Chief Executive of Mah Sing Group Berhad said, “Given its freehold status and scarcity of land in this prime location, the acquisition is 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 1.86acres.
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.”
“It is rare to find a sizable freehold land which has wide Jalan Ampang frontage of more than 700 feet and close to KLCC. We shall take great care in our planning to make the most of the advantageous topography which affords three views, namely KLCC view, Taman Tasik Ampang Hilir view and the refreshing mountain views of the Titiwangsa range.
We are toying with the idea of vertical green lungs in M City. It will be a new concept for the area. 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,” he added.
New semi-detached enclave in Garden Residence, Cyberjaya
Mah Sing also acquired approximately 34.86 acres of prime freehold land adjacent to its Garden Residence township in Cyberjaya for approximately RM51.6million. Garden Residence which was acquired in August 2009 is a self-sustaining gated and guarded residential development with a resort lifestyle environment. After attracting some 2,600 registrants during the project awareness exercise, Mah Sing officially launched Garden Residence in March 2010 and the project proved so popular that sales as at October 2010 have touched RM540million.
This latest acquisition adds RM280million to Garden Residence’s gross development value and augments the township size to approximately 150acres.
Tan Sri Datuk Sri Leong said, “Together with this latest acquisition, Garden Residence is a sizable project which typically takes between 3 to 5 years to complete, but looking at the strong response, we have to bring forward our 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.”
Based on preliminary plans, the Group intends to offer 2 and 3 storey semi detached homes with approximate land size of 40’x 80’ and built up from 3,076sq ft in this new enclave. Indicative pricing is approximately RM1.28million for the double storey semi detached and RM1.438million for the 3 storey semi detached.
Besides Garden Residence, the Group’s Garden Plaza which is directly opposite Lim Kok Wing University is also doing well. Garden Plaza comprises Garden Suites (residential) and Garden Retail which are lifestyle retail shops. The project awareness exercise has attracted more than 3,000 registrants for the Garden Suites which are currently being previewed.
Comprising fully furnished small to medium-sized units which shall be in move-in condition, the units are targeted at both users as well as investors looking to tap into the vibrant student population in Cyberjaya which is currently in excess of 17,000 and growing by the year. Indicative pricing for the smallest unit of 500sq ft starts from RM236,800 and there are flexible sizes to meet various requirements.
Strategic land acquisitions for continued earnings visibility
Mah Sing which is one of Malaysia’s Top 10 Property Developer as acknowledged in The Edge’s Property Excellence Awards 2010 is determined to build a strong reserve of prime land that is ready for launch in the immediate to mid-term. Both projects are expected to commence in the first half of 2010 and registration of interest for both the projects shall commence immediately.
To date in 2010, Mah Sing has acquired new projects with a combined gross development value of RM3.1billion. Currently the Group has projects with remaining gross development value and unbilled sales of approximately RM8.64billion strategically located in the Klang Valley, Kuala Lumpur, Penang island and Johor Bahru.
These landbanks should last the Group between 5 to 7 years.
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