KUALA LUMPUR: Mah Sing Group Bhd (Mah Sing) has acquired 5.47 acres prime land in Taman Metropolitan, Kepong in Selangor for RM94.8 million.
The land is ready for immediate development as it comes with approved development order (DO) for serviced apartments.
"This is our second land acquisition for 2019, and this deal reflects Mah Sing’s ability to acquire reasonably priced prime lands which are ready for quick-turnaround," Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said in a statement today.
He said the land was ready for immediate development as it came with DO and the vendors had paid charges pursuant to the DO to the relevant authorities.
"The strategic location will be even better enhanced with some proposed infrastructure improvement in the vicinity. This is a good location for a niche development," he said.
The land is just 200 meters from the 235 acre Kepong Metropolitan Park which also includes a 140-acre lake.
It is next to the Middle Ring Road 2 (MRR2), which will provide residents direct access to the project.
The acquisition will increase Mah Sing’s prime landbanks to 2,104 acres, with total remaining gross development value (GDV) and unbilled sales of RM25.84 billion, which can sustain growth over the next eight to nine years.
The group currently sits on healthy balance sheet with cash and bank balances of RM1.3 billion for the quarter ended 31 March 2019.
This will allow Mah Sing to drive its key strategy in replenishing land banks especially in the Klang Valley.
Leong said as a market driven developer, Mah Sing would continue building sustainable developments of good quality.
"This latest acquisition fits our strategy of landbanking for projects in good locations, which are ready for immediate development – suitable for launching of “luxury you can afford” products for mass and mid-range market.
"Our strategy is on the right track supported by the demand-supply gap in Malaysia, whereby there are 212,744 new households formed per year compared to 88,000 new houses completed per year (2012 to 2017).
"We will continue our strategy of providing homes with luxury features at affordable prices as we believe demand will persist for the right product, in the right location, at the right pricing,” he added.