Mah Sing acquires 500 acres of freehold land from SP Setia for RM392.04 million

KUALA LUMPUR: Mah Sing Group Bhd has acquired 500 acres of freehold land in Semenyih from a S P Setia Berhad subsidiary for an integrated township development, to be known as Glengowrie Estate, with a gross development value of RM3.3 billion. 

According to Mah Sing, sale and purchase agreements (SPAs) were signed with Petaling Garden Sdn Bhd, a subsidiary of S P Setia Berhad today for RM392.04 million.  

Development charge, improvement service fund and part of integrated water supply scheme costs have been paid by the vendor. Part of the external infrastructure has also been completed.  

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said this is the company's most significant land acquisition in recent years and the scale of the project will allow very good master planning. 

"The acquisition will increase our township land which will cater for demand for landed residential properties in the suburbs, in addition to high-rise residential properties in the city and industrial land in suitable locations. 

"Glengowrie Estate will build on the success of our affordable landed and township developments such as M Senyum in Salak Tinggi, M Aruna, M Panora and M Residence 1&2 in Rawang, Southville City in Bangi and Meridin East in Johor," he said in a statement today. 

According to preliminary plans, this integrated township will be developed with double storey landed homes, well-planned amenities and commercial lots.  

The residential homes will have an indicative starting price from RM446,800. 

The proposed development is expected to commence by the third quarter of 2024 (3Q24) and to be developed over eight to 10 years.  

The acquisition will increase Mah Sing's prime landbank to 2,418 acres, with total remaining GDV and unbilled sales of RM26.86 billion.

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