4 MAY, KUALA LUMPUR – Mah Sing Group Berhad today acquires a new prime land in Mukim Setapak, Kuala Lumpur measuring approximately 5 acres for RM89million. The land has 3 frontages facing Jalan Usahawan 5, Jalan Kilang and Jalan Usahawan 6, and is just 600meters off Jalan Genting Kelang which is a major trunk road in Kuala Lumpur.This new acquisition to be named as M Astra is about 3km from the Group’s well-received M Adora in Wangsa Melawati and is targeted for registration of interest in the third quarter of 2021. This marks Mah Sing’s second land deal in 2021, and the Group will continue to scout for more strategically located lands, with Greater Kuala Lumpur and Klang Valley being the focus areas.
Based on preliminary plans and subject to authorities’ approval, M Astra which has an estimated gross development value (GDV) of approximately RM618million will be a mixed development comprising 2 blocks of serviced suites. The project is planned to have 3-bedroom and 4-bedroom units, with indicative built-up ranging from 850sq ft to 1,030sq ft, and will be affordably priced with indicative starting price from RM399,000. This proposed mixed development also features some retail lots with plans to accommodate drive through F&B outlets.
Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “M Astra is our second land deal of the year and also our first pocket land acquisition since we acquired M Oscar, M Luna and M Adora in 2019. All these projects were subsequently launched within 7 to 12 months and we are targeting to do the same for M Astra, with registration of interest targeted to be in 3Q 2021. The land acquisition of M Astra is timely as we foresee that the recovery of property market is gaining momentum and we wanted to be ready to seize the opportunity to meet the home buyers’ need for affordably priced projects.”
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. Located just 6.6km away from KLCC, the mixed development has excellent connectivity via Jalan Genting Kelang (600m), Middle Ring Road 2 (MRR2) (2.8km), Duke Expressway (DUKE) (3.1km), Jalan Tun Razak (4.8km), as well as the Setiawangsa Pantai Expressway (SPE) (1.4km) which is currently under construction. The project is also only 2.1km away from Wangsa Maju LRT station, and 2.2km away from Sri Rampai LRT station.
Tan Sri Dato’ Sri Leong Hoy Kum continued, “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. We are confident that M Astra will be another successful project just like M Adora in Wangsa Melawati, which is about 3km away. M Adora has 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 Group also had a successful commercial project named StarParc Point nearby which was launched in 2009 and fully sold out.”
Driven by the Group’s strong balance sheet with cash and bank balances and investment in short-term funds of approximately RM1.16billion as of 31 December 2020, Mah Sing will continue to scout for more strategically located lands which suit its fast turnaround business model, with Greater Kuala Lumpur and Klang Valley being the focus areas. M Astra’s new land acquisition represents another opportunity for the Group to further increase and replenish its current land bank, following the early completion of the M Senyum, Sepang Land on 18 March 2021. The land acquisition of M Astra will also increase Mah Sing’s prime landbanks to 2,081 acres, with total remaining GDV and unbilled sales of approximately RM25.26billion.
M Astra’s Acquisition Aligned With The Group’s Strategy In Offering Affordable Homes, Enhancing Presence in Klang Valley
The acquisition of M Astra in Setapak, Kuala Lumpur aligns well with the Group’s strategy of focusing on affordable high rises in the central business district (CBD) areas and affordable landed homes in the outskirts/suburban areas as the demand for property remains resilient due to Malaysia’s young demographic, continued urbanisation and population growth. For Mah Sing’s 2021 sales target, 91% of the properties are priced below RM700,000 and 51% are priced below RM500,000.
The new development will continue to address the demand for affordable homes in sought after locations in the Klang Valley, similar to other projects of the Group such as M Vertica in Cheras, M Centura and M Arisa in Sentul, M Oscar off Kuchai Lama, M Luna in Kepong, and M Adora in Wangsa Melawati, which recorded high take-up rates mainly due to their strategic locations within well-connected mature neighbourhood and proximity to the city centre. The matured location of Setapak close to the heart of Kuala Lumpur hosts a large catchment of the city’s professional population, as well as residential and commercial developments, makes it an ideal location for younger generations.
Nearby Amenities Which Provide Multiple Choices to Residents
M Astra is surrounded by 8 public schools which are SMK Zon R1 Wangsa Maju (800m), SK Taman Seri Rampai, SMK Taman Seri Rampai, SK Danau Kota (1.4km), SK Marian Convent and SK Seri Bonus (2km), SK Danau Kota 2 and SMK Danau Kota (2.4km), a special education school which is Setapak Blindness Special Education Secondary School (1.2km) and 2 higher learning institutions namely Vocational College Setapak (1.4km) and Tunku Abdul Rahman University College KL (2.4km).
Residents will also be able to enjoy the convenience of retail amenities such as Giant Hypermarket Setapak (200m), NSK Wangsa Maju (400m), Setapak Central Mall (750m), Alpha Angle Shopping Center (1.2km), Dataran Wangsa Melawati (2.4km), Wangsa Walk Mall (2.5km) and AEON Big Wangsa Maju (3km), as well as healthcare institutions namely Columbia Asia Hospital, Setapak (1.4km) and Tuanku Mizan Military Hospital (2.4km).