By TEE LIN SAY | email@example.com
PETALING JAYA: True to its aggressive stance of growing its land bank, Mah Sing Group Bhd has acquired two parcels of land, one in Senibong, Iskandar Malaysia, and the other in Taman Wahyu in Kepong, Kuala Lumpur.The property developer paid RM366mil and RM73mil, respectively, for these assets, which increased its gross development value by RM5.5bil to RM26.4bil, the company said.
The freehold land in Senibong measures 14.16ha and is priced at RM238 per sq ft, while the Taman Wahyu land measures 4.86ha and is priced at RM135 per sq ft.
A RM4.35bil integrated development overlooking Singapore
Mah Sing’s new Iskandar land will be developed as Meridin@Senibong, which will be an integrated development with a GDV of RM4.35bil. It is located along the Straits of Johor with prime views overlooking Singapore.
It will have serviced residences, hotel or serviced suites, retail podium and a street mall. The project, to be completed in four to five years, is targeted for soft launch in the first half of 2014, with registration of interest to commence in the second half of 2013.
The project, to be completed over four to five years, is targeted for soft launch in the first half of 2014, with registration of interest to commence in the second half of 2013.
It is located 8km from Johor Bahru City Center via the Eastern Dispersal Link (EDL) and 6km from the Causeway to Singapore via the Johor Bahru East Coast Expressway, added the developer.
Nearby is also the matured township of Permas Jaya, Aeon Permas Jaya Shopping Centre, golf courses, sports and recreational facilities, The Regency Specialist Hospital, Sultan Aminah Hospital, the proposed Thomson Medical Hub, the R.E.A.L Schools Cahaya Campus which offers both national and international syllabi from kindergarten to primary and secondary levels, SMK Permas Jaya, SMK Taman Permas Jaya 2, SMK Senibong as well as SRJK(C) Chee Tong. A site has been identified for the construction of the RM5.5million SJK(C) Pei Hwa 2 in nearby Permas Jaya, according to the developer.
Serviced residences in Taman Wahyu worth RM1.15bil and targeted at small families
The Taman Wahyu land, meanwhile, will be developed into Lakeville Residence with an estimated GDV of RM1.15bil. The project, to be completed in three to four years, is targeted for a soft launch in the first half of 2014 with registration of interest to commence in the second half of 2013.
“This is one of the last pieces of development land in this matured location in Kuala Lumpur…,” said Mah Sing CEO Tan Sri Leong Hoy Kum. “The surrounding neighbourhoods like Kepong and Selayang have mainly older residential schemes and it is timely for us to offer well-designed homes with good concept and facilities for the up-graders as well as first time home buyers from the surrounding established townships.
“Based on our experience with our very successful Perdana Residence and Perdana Residence 2 in Selayang which saw overwhelming interest, we believe the strong pent-up demand will result in another successful project for Mah Sing.”
Targeting these buyers, the Group intends to offer family-friendly serviced residences ranging from 950 to 1,200 sq ft, with all of Mah Sing’s hallmark concept, security and facilities offerings.
Residents of Lakeville Residence will be able to enjoy lake views on the North, West and South, while the Kepong Metropolitan Lake Garden recreational park is 7km away and the Forest Research Institute of Malaysia 8km away.
There are numerous schools in the area, including SJK(C) Mun Chong, SMK Batu Lima, SMK Hillcrest (Gombak) and international schools like Baseerah International School, International Islamic School and British Malaysian Institute, said the developer.
Amenities nearby include Taman Wahyu KTM station, Selayang Hospital, Tesco Extra, Aeon Metro Prima Shopping Centre in Kepong, Selayang Mall, Brem Mall Jalan Kepong, an IT mall with a Giant supermarket and Big Cinema within the mall, as well the Selayang Wholesale market.
An analyst with MIDF Research expects the two new developments, particularly the one in Taman Wahyu, to enjoy good take-up rates.
“The Taman Wahyu development is in an established catchment and surrounded by a lake. Marketing should be easy and they should also enjoy good pricing for this development,” said the MIDF analyst.