Mah Sing will begin its fourth project in Kepong, driven by strong local demand

sharen@nst.com.my

KUALA LUMPUR: Mah Sing Group Bhd will develop M Zenya, its fourth project in Kepong, building on the success of Lakeville Residence, M Luna, and the soon-to-be-launched M Nova.

  Located near Keponggi Square and the 140-acre Metropolitan Lake, the company will develop M Zenya on 4.88 acres for a total projected gross development value (GDV) of RM500 million.

  Tan Sri Leong Hoy Kum, the founder and group managing director of Mah Sing, believes that M Zenya will strengthen its position in Kepong and take advantage of the growing interest sparked by recent initiatives.

  "This is a particularly well-suited development as it will be able to tap into the catalytic effects of Keponggi Square. Given M Zenya's proximity to upcoming retail convenience, we will primarily be offering service apartments with a variety of amenities to appeal to residents, as well as certain commercial and retail lots to supplement residential needs," he said.

  The Kepong land benefits from a development order with an approved plot ratio of 1:6, which is consistent with Mah Sing's business model of quick turnaround.

  The conversion of the land title, along with the payment of a fee and partially finished earthworks, will hasten the development process, according to Leong.

  According to preliminary designs and subject to the authorities' approval, M Zenya will be a mixed development comprising commercial or retail lots and two, three, and four bedroom residential units, with an indicative built-up ranging from 718 sq ft to 1,067 sq ft.

  Leong said that the suggested starting price is RM420,000. 

  He said in a statement that M Zenya is planned for interest registration in the second half of 2023. 

  Mah Sing's wholly owned subsidiary, Star Residence Sdn Bhd, will be paying a total JV consideration of RM85.3 million under an unincorporated joint venture (JV) agreement with the landowner, Liberty Triangle Sdn Bhd, in order to develop the residential project.

  This consists of RM70 million in landowner entitlements and a RM15.3 million fixed guaranteed return. 

  Payment for the JV consideration is deferred and staggered, where part of the JV consideration is payable 18 months from the date of the JV agreement and the balance upon completion and after vacant possession of development units.

  Mah Sing will be granted sole development rights and have full control of the management and operations of the project.

Encouraged by the success of the M series products, Leong said that the company will continue to actively scout for good land to develop affordable homes.

"Greater emphasis on our affordable M Series developments has ensured the strong and stable performance of the company. We will prioritise lands that can generate returns with turnaround efficiency, with a key focus on affordable apartments in city centres and landed link homes in suburban areas for the M-series, as well as good industrial lands," he said.

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