KUALA LUMPUR: Property developer Mah Sing Group Bhd has acquired a new prime land in Setapak, Kuala Lumpur for RM89 million, which will be developed for M Astra that have gross development value of RM618 million.
Founder and group managing director Tan Sri Leong Hoy Kum said M Astra would be a mixed development comprising two blocks of serviced suites with an indicative built-up ranging from 850 sq ft to 1,030 sq ft and priced from RM399,000.
He said this proposed mixed development would also feature some retail lots with plans to accommodate drive through food and beverage outlets.
"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.
"The land acquisition of M Astra is timely as we foresee that the recovery of the 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," he said in a statement today.
The registration of interest for M Astra is targeted to be in the third quarter this year.
As of Dec 31, 2020, Mah Sing's balance sheet with cash and bank balances and investment in short-term funds stood at RM1.16 billion.