PETALING JAYA: Mah Sing Group Bhd will be developing a new eight-acre transit environment district (TED) development in Puchong, Selangor, with an estimated gross development value (GDV) of RM726mil.
M Terra, in Parcel 1 measuring about four acres, is planned as a residential development while M Hana, in Parcel 2 of the remaining half, is planned as a mixed-use development.
The land cost is over RM85mil and the land comes with the benefit of a converted title for Bangunan which will expedite the development process. This marks the first land deal in 2023 for Mah Sing, which is actively scouting to acquire more strategic land to develop affordable homes.
Located near LRT Puchong Perdana and LRT Puchong Prima, these will be TED developments located between 500m and 1km from public transport. The new development enjoys access from Persiaran Puchong Perdana 2 and is close to the completed Hilton Garden Inn Hotel and M Square commercial project.
Based on preliminary plans and subject to authorities’ approval, M Terra will be a residential development with 2-bedroom and 3-bedroom units, with indicative built-ups of 552 sq ft, 769 sq ft and 1,005sqft, and to be affordably priced with indicative starting price from RM250,000.
M Hana is planned as a mixed-use development which will also feature some retail lots. They are targeted for registration of interest in the second half of 2023.
“Puchong is a development hotspot and this land already enjoys ready infrastructure and various amenities. We will add value with our concept and design, as well as our branding and execution track record. This is a good chance for us to extend our presence in Puchong, after the success of earlier upmarket developments nearby like Kinrara Residence in Kinrara and Garden Residence in Cyberjaya. Encouraged by the success of M series products, the group will continue to actively scout for good lands to develop affordable homes.
“Greater emphasis on our affordable M Series developments has ensured the strong and stable performance of the Group. We will prioritize lands that can generate returns with turnaround efficiency, with a key focus on affordable apartments in city centres and landed link homes in suburban areas for the M-series, as well as good industrial lands. In addition to Klang Valley, Johor and Penang, other locations on our radar include the high-growth corridors of Seremban, Melaka, and Perak,” Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said.
The affordable M Series carries the DNA of prime locations with a large captive market, easy access to amenities, connectivity, and ready infrastructures, as well as well-designed features. Mah Sing is actively looking to replenish good lands for this series as it meets current market demand.
Well-connected and accessible
M Terra and M Hana are in the heart of the established Puchong community, which means buyers will be able to easily access educational institutions, medical centres, shopping outlets and more.
The projects are surrounded by matured neighbourhoods which have a fairly high-density population, providing a large catchment of potential buyers.
Puchong is a densely populated area with more than 500,000 population. Including adjacent areas, the population catchment reaches more than 1.3 million. Neighbourhoods like Puchong Prima, Bandar Puteri Puchong, Bandar Bukit Puchong and Bandar Puchong Jaya are within a 3km radius while Bandar Saujana Puchong, Taipan Business Centre, Subang USJ, Putra Heights, Kota Kemuning, Taman Putra Prima and Bandar Saujana Putra are within a 5km radius of the project.
Besides proximity to two LRT stations, the project will be easily accessible via Damansara-Puchong Highway (LDP), Bukit Jalil Highway, Shah Alam Expressway (KESAS), Federal Highway, Maju Expressway (MEX) Kemuning-Shah Alam Expressway (LKSA) and also the New Pantai Expressway (NPE).
Schools within the vicinity of 5km include SK Taman Puchong Utama 3, SK Puchong Utama, SJK (C) Han Ming, SMK Puchong Utama 1, SK Puchong Utama 2, SJK (C) Sin Ming and more. Higher education institutions such as Malaysia MAHSA University, Taylors College, Monash University and Sunway College are a short drive away.
Nearby medical access includes Columbia Asia Puchong Hospital, KPMC Puchong Specialist Centre and Sunway Medical Centre, and residents will also have access to retail convenience at M Square, IOI Mall Puchong, Aeon Big Puchong Utama, Lotus’s Puchong, SetiaWalk Mall, Main Place Mall USJ, Giant Hypermarket Putra Heights, Sunway Pyramid and more.
Mah Sing’s focus on execution has ensured a strong revenue stream, steady liquidity, and cash flow. On the strength of prompt project execution and vacant possessions, Mah Sing’s balance sheet as of 30 September 2022 improved with net gearing at a new low of 0.27x, providing financial flexibility for further growth. Supported by the healthy balance sheet and overwhelming response from homebuyers for the M series of developments, the group remained active in land acquisition.