KUALA LUMPUR: Mah Sing Group Bhd has acquired a 5-acre parcel of land in Setapak, Kuala Lumpur for RM89mi.
The land has three frontages facing Jalan Usahawan 5, Jalan Kilang and Jalan Usahawan 6, and is just 600m off major trunk road Jalan Genting Kelang.
This new acquisition is slated for a development to be named M Astra, which is about 3km from M Adora in Wangsa Melawati.
M Astra, with an estimated gross development value (GDV) of RM618mil, will be a mixed development comprising two blocks of serviced suites.
The project is planned to have three-bedroom and four-bedroom units, with indicative built-up ranging from 850 sq ft to 1,030 sq ft, and an indicative starting price of RM399,000.
This proposed mixed development also features some retail lots with plans to accommodate drive through F&B outlets.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said M Astra is the group’s second land deal of the year and the first pocket land acquisition since acquiring M Oscar, M Luna and M Adora in 2019.
“All these projects were subsequently launched within seven to 12 months and we are targeting to do the same for M Astra, with the registration of interest targeted to be held in 3Q 2021.
“The land acquisition of M Astra is timely as we foresee that the recovery of the property market is gaining momentum, and we wanted to be ready to seize the opportunity to meet the home buyers’ needs for affordably priced projects,” he said.
M Astra is expected to leverage on a huge target catchment as it is within the vicinity of matured neighbourhoods such as Danau Kota, Desa Setapak, Setapak Jaya, Wangsa Maju, Taman Melati, Titiwangsa and Setiawangsa.
These matured residential communities are highly accessible via major highways and trunk roads like the Middle Ring Road 2 (MRR2), Duke Expressway, Jalan Tun Razak and Setiawangsa Pantai Expressway, which is currently under construction.
Leong said: “We believe that first-time home buyers and upgraders from surrounding areas who want to stay near the central business district will find M Astra very attractive and convenient as we plan to have retail elements within the mixed development.
“The living environment is also very conducive as it is surrounded by ready amenities such as primary and secondary schools, educational institutions, public transport, shopping malls, and hospitals.”
M Adora received a positive take-up rate of 73% for its two towers in less than 10 months from its launch last year, showcasing strong interest in the location.
The land acquisition of M Astra has increased Mah Sing’s landbank to 2,081 acres, with total GDV and unbilled sales of RM25.26bil.