Mah Sing Group Bhd has acquired two parcels of adjacent land measuring a combined 63.4ha in Rawang, Selangor from Vibrant Domain Sdn Bhd and Topaz Best Sdn Bhd for RM40.9 million or RM6 per sq ft.
The land is slated for a township development to be named "M Residence 2@Rawang", with an estimated gross development value (GDV) of RM650 million, said Mah Sing.
"With the acquisition of M Residence 2@Rawang, our landbank now stands at 493ha with remaining GDV and unbilled sales worth an estimated RM15.5 billion, giving us strong earnings visibility for the next five to seven years," Mah Sing group managing director and CEO Tan Sri Leong Hoy Kum said in a statement today.
The land is located 1km south of the group's existing M Residence@Rawang township development.
"For the new M Residence 2@Rawang township, we plan to offer only semi-detached homes, complemented by some shops. This is similar to our Aman Perdana township (in Klang, Selangor), and we intend to replicate its success by offering semi-detached homes at link-house pricing.
The property developer has planned to develop linked semi-detached homes with land size of 34ft by 65/70ft and built-up of 2,000 sq ft to 2,300 sq ft.
"We intend to price these linked semi-detached homes from RM638,000," said Leong.
He added that the acquisition of the land is timely as Mah Sing will be able to capitalise on the M Residence@Rawang branding achieved, and tap on the strong spillover demand from the nearby project.
The land acquisition is expected to be completed in the second half of 2012, with M Residence 2@Rawang slated to be developed over three to four years.
Posted on 29 February 2012 - 02:04pm
