6 August, KUALA LUMPUR – Mah Sing Group Berhad has inked its third land purchase for 2019, acquiring 4.515 acres prime land in Wangsa Melawati, Mukim Setapak for approximately RM61.97million today. The land comes with approved development order (DO) for residential development, enabling rapid speed to market to meet current market demand in the matured location.
This comes hot on the heels of 2 earlier land acquisitions this year, M Oscar (Kuchai Lama, next to Happy Gardens) and M Luna (Kepong) which also came with approved DO. M Oscar is currently open for registration of interest, while M Luna and this new acquisition named M Adora will both be open for registration of interest by Q4 2019.
All three acquisitions in 2019 are ready for quick turnaround and immediate development, continuing the Group’s track record of developing ‘luxury you can afford’ projects in strategic locations to meet immediate market demand.
Based on preliminary plans, M Adora will have an estimated gross development value (GDV) of RM378million and it is planned for 2 blocks of affordable residential development.
Located 9km away from KLCC, M Adora is merely 800m away from the Middle Ring Road 2 (MRR2), and linked with a few main accesses such as EKVE (3km), Jalan Genting Klang (3km), DUKE (3km), Jalan Ampang (5km), and Jalan Tun Razak (8km). It is only 1.8km driving distance and 900m walking distance away from the Wangsa Maju Mall’s covered walkway linking to Sri Rampai LRT station.
Preliminary plan is for 2 blocks of affordable residential development. The most affordable units will have an indicative built up from 850sqft and indicative starting price of RM468,000. M Adora is targeted at first-time homebuyers and some upgraders as well as the city’s professional population who are looking to stay near to the central business district with ready amenities and infrastructure
Mah Sing is still eyeing more strategically located lands especially in the Klang Valley. The Group’s expansion drive is underpinned by its healthy balance sheet with cash and bank balances of RM1.3billion for the quarter ended 31 March 2019.