Kuala Lumpur, 2017 – Mah Sing Group Berhad (Mah Sing) today acquired 78% of Cosmowealth Housing Development Sdn Bhd (Cosmowealth) for RM54.96million, to be paid over 6 years. RM6.56million was paid upon signing of the agreement, with the balance consideration payable on a deferred payment basis over a period of 72months.
Cosmowealth has earlier signed a sales and purchase agreement (SPA) to acquire 8.5 acres of prime freehold land in Sentul, fronting Jalan Sentul Pasar, for approximately RM95million, of which RM6million has been paid upon the execution of the land SPA. The balance RM89million shall be paid by Cosmowealth within 6 months of the land SPA, with an automatic extension of 2 months.
The land will be developed into M Centura with an estimated gross development value of approximately RM1.3billion, targeting first time home buyers and some upgraders due to its value proposition of quality products at affordable pricing in Kuala Lumpur. Mah Sing intends to offer well thought layout and practical units with indicative built up of 650sqft, indicatively priced from RM326,000. A choice of bigger units at 850sqft and 1,000sqft will also be available and registration of interest starts immediately at http://www1.mahsing.com.my/projects/mcentura-pb/.
M Centura is just 8.3km to Kuala Lumpur City Centre, 7.1km to Mont Kiara and 1.5km from DUKE highway and is close to both Sentul Timur and Sentul LRT Stations. The project is targeted to commence in the second half of 2017 and developed over a span of 4 to 5 years.
The acquisition will increase Mah Sing’s prime landbanks to 2,336 acres, with total remaining GDV and unbilled sales of RM32.2billion. This is in line with Mah Sing’s focus to increase its presence in the Klang Valley, especially in the affordable range.
Mah Sing’s Group Managing Director Tan Sri Dato’ Sri Leong Hoy Kum said, “With this acquisition, 65% of our landbank is in the Klang Valley, and we target to increase that to 75% within the next 2 to 3 years, especially with projects in the affordable range. By virtue of its economic dominance, the value and volume of property transactions in the Klang Valley (Kuala Lumpur and Selangor) is by far the highest in the country. According to the National Property Information Centre (NAPIC), in 2016, the value of property transactions in the Klang Valley itself was RM30.81 billion, accounting for nearly half of the RM65.6 billion achieved in the whole of Malaysia.
By stepping up land acquisitions in the Klang Valley with focus on affordable pricing, we will be better positioned to meet the market demand.”
Quality homes in the city with affordable pricing from RM326,000
According to HSBC’s recent home ownership survey on millennials, 95% intend to buy homes in the next few years. In anticipating the increase in demand, and current supply gap where NAPIC, CEIC and Bank Negara Malaysia’s estimates reveal that supply of new homes need to increase by about 200,000 units annually within these 5 years to meet the estimated growth in households, Mah Sing is proactively planning affordably priced products with their existing and new land banks.
Preliminary plans for M Centura is to develop residential suites with indicative built up from 650sqft, indicatively priced from RM326,000. A choice of bigger units at 850sqft and 1,000sqft will also be available and registration of interest starts immediately at http://www1.mahsing.com.my/projects/mcentura-pb/. This new project is targeted at first-time home buyers 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.
M Centura is just 4.4km to Mah Sing’s ongoing residential project, Lakeville Residence in Jalan Kuching, which has recorded a good take up of more than 80% to date. The positive response for Lakeville is mainly due to its strategic location within a mature neighbourhood and proximity to the city centre. Therefore, Mah Sing is confident of replicating and improving the success for the new project in Sentul.
Tan Sri Dato’ Sri Leong Hoy Kum commented that, “In view of M Centura’s location close to existing retail convenience, it makes more sense to focus the development as residential suites with a host of facilities that will appeal to residents. Location of the land is very prime and convenient, as Sentul Timur and Sentul LRT Stations which are both park and ride stations are close by.”
New Sentul Development in a Rapidly Developing Area
Mah Sing’s first development in Sentul will continue the Group’s track record of developing projects in strategic locations to meet immediate market demand. Sentul’s matured location adjacent to the heart of Kuala Lumpur host a large catchment of the city’s professional population, as well as residential and commercial developments.
M Centura is expected to have access to over 8 million population of the Klang Valley as its natural catchment, and further benefit from increased population. According to the Performance Management and Delivery Unit (PEMANDU), the population of Greater Kuala Lumpur / Klang Valley is expected surpass 10 million by 2020 and by 2030, the extended metropolis beyond the capital could house almost half of Malaysia’s estimated population of between 33 to 35 million.
Tan Sri Dato’ Sri Leong shared, “Sentul has gone through rapid change and gentrification over the past 15 years as it sits next to Kuala Lumpur. M Centura is only 8.3km to Kuala Lumpur City Centre and 7.1km to Mont Kiara. It is also close to Damansara. This makes it both an excellent investment opportunity as well a suitable place to stay, especially for working adults who travel to these locations frequently.”
Fronting Jalan Sentul Pasar, M Centura is also situated at the centre of matured townships such as Kepong, Taman Seri Gombak, Setapak, Segambut and Batu Caves, providing a large catchment of potential homebuyers looking to upgrade to a new development by a developer with good track record.
This will make it an ideal location for younger generations who grew up in Sentul and the surroundings areas as it is close to the city centre and at the same time, is a familiar location.
Accessibility is within reach in the thriving Sentul area
M Centura allows easy access to various parts of the city and suburbs via trunk roads and highways including DUKE Highway which is only 1.5km away, as well as Jalan Kuching, Jalan Pahang, Jalan Genting Kelang, Jalan Kepong, Jalan Ipoh, Sultan Iskandar Highway (formerly Mahameru Highway) and the Middle Ring Road 2 (MRR2).
As an added convenience, the Sentul Timur LRT station (3km away) and Sentul LRT Station (3.5km away) are both park and ride stations under the Sri Petaling Line. There also three KTM stations which are the Sentul (2.4km), Kampung Batu (3.2km) and Batu Kentomen (4.2km) KTM stations that have parking facilities available. With the public transportation and the parking facilities provided, residents have the option to park their vehicles at the stations and utilise the trains to go to work and avoid the traffic on the road.
Tan Sri Dato Sri Leong added, “One of the aspects we consider when we purchase new land is how accessible they are to major roads and highways as well public transportation. M Centura has access to major highways and LRT and KTM stations all within 5km. Residents get to appreciate the convenience of being able to connect to major road arteries within a short distance from their home and also take the LRT and KTM lines to travel across the city.”
Nearby Facilities Which Provide Multiple Choices to Residents
Within a 6km stretch, M Centura is close to private medical facilities which are Sentul Medical Centre (3.9km), KPJ Tawakkal Specialist Hospital (4.9km) and Hospital Pusrawi (5.7km) as well as Hospital Kuala Lumpur (5.4km) which is a government hospital.
The development is also surrounded by 6 public schools which are SJK (C) Peng Ming (850m), SMK Batu Muda (950m), SK Seri Nilam (1.8km), SK Sentul (1.8km), SJK (C) Sentul Methodist Boy School (3.1km), and SMK La Salle Sentul (3.9km) as well as 2 private schools which are Wesley Methodist School (3.1km), and Chong Hwa Independent School (5.1km).
Tan Sri Dato Sri Leong shared, “Education is a key consideration for all families, and the 8 schools surrounding our project is a great plus point for M Centura.”
Residents will be able to enjoy the retail convenience at existing developments nearby. Just opposite the road is the Sentul Village retails shops as well as Sentul Point. In addition, there is also the retail outlets in Maxim Citylights (0.5km) and Sentul Boulevard (3.3km). Within a short distance of M Centura is Giant Hypermarket (5.8km) and Tesco Extra (7km) where residents can purchase their groceries and everyday things.
M Centura also enjoys fantastic access to popular shopping malls such as Sunway Putra Mall (5.5km), Quill City Mall and Sogo (6.3km), Publika (7.6km) as well as Kuala Lumpur’s shopping haven of KLCC, Pavilion Kuala Lumpur, and Farehrenheit 88 which are approximately 9km away. Additionally, M Centura is also close to the Putra World Trade Centre (5.5km) and the MATRADE Exhibition and Convention Centre (6.7km).
With excellent location and accessibility coupled with mature catchment, established amenities and backed by the Mah Sing’s recent successful launches of residential projects in nearby locations, the management is confident that the new development will be well received.