Mah Sing Acquires Prime Land In Wangsa Melawati For Rm61.9 Million
By Roubeeni Mohan
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 RM61.97 million.
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 new acquisition named M Adora will both be open for registration of interest by Q4 2019.
Artist’s impression of Mah Sing’s new affordable Melawati project – M Adora
“The acquisition of M Adora in Wangsa Melawati, Mukim Setapak is our third land deal this year. All three projects will be opened for registration this year and this has once again proven our commitment in expanding our landbank for projects in strategic locations in Klang Valley and is ready for immediate development”, said Tan Sri Dato’ Sri Leong Hoy Kum, Founder and Group Managing Director of Mah Sing.
“Coupled with our unique quick turnaround model, we believe M Adora will be able to match the current market demand for affordable housing that comes with ample amenities. This is what we call ‘luxury you can afford’”, he added.
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 RM378 million and it is planned for 2 blocks of affordable residential development.
The Group’s expansion drive is underpinned by its healthy balance sheet with cash and bank balances of RM1.3 billion for the quarter ended 31 March 2019.
Mah Sing is still eyeing more strategically located lands, especially in the Klang Valley region.
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