KUALA LUMPUR: Mah Sing Group Bhd has acquired a prime freehold land measuring approximately 75.7-acre in Mukim Pulai, Johor Bahru for RM76.1 million.
In a statement today, the property developer said the newly acquired land is to be named M Tiara and planned for landed residential homes with an estimated gross development value (GDV) of approximately RM480 million.
"M Tiara is ideally located in a matured location and easily accessible to educational institutions, shopping outlets, recreational facilities, and other amenities.
"We believe that first-time home buyers or those looking to upgrade from nearby areas while remaining close to a familiar location will find M Tiara appealing," founder and group managing director Tan Sri Leong Hoy Kum said.
According to Mah Sing, this marks the company's second land deal in 2023 following the purchase of an 8-acre land in Puchong earlier this year, for the transit environment district (TED) development of M Terra and M Hana with an estimated GDV of approximately RM726 million.
The company will continue to scout for more strategic lands in Klang Valley, Penang and Johor backed by a healthy balance sheet with cash and bank balances and investment in short-term funds of approximately RM706.9 million as reported in its first quarter of 2023 (1Q23) results.
Mah Sing's shares closed unchanged at RM0.595 today, with 1.3 million shares changing hands.