Mah Sing Group Bhd is buying 412 acres of freehold land near Bangi, Selangor which it plans to undertake a mixed township, focusing on double-storey link homes indicatively priced from RM530,000 onwards.
It said on Monday it was acquiring the land at RM18.55 per square foot under its strategy to expand its landbank and under the project called Southville City.
It said the 412 acres comprised of 408 acres of freehold land from Boon Siew Development Sdn Bhd for RM330.8mil and 4.0 acres leasehold land from an individual party.
Mah Sing is planning a new interchange on the North South Highway just 2.5km from the existing Bangi interchange to allow direct access to the project.
Its group managing director and group chief executive Tan Sri Leong Hoy Kum said: "The inherent appeal of the location along the North South Highway, proposed direct interchange and Mah Sing's expertise in township masterplanning makes Southville City a very exciting development to look forward to.
"We believe our project offerings comprising residential and commercial products; mainly shops that meet market demand, complemented with extensive soft and hard landscaping, clubhouse and various facilities and amenities will do very well."
Mahsing said " The Proposed Acquisition together with the Leasehold Land Acquisition is in line with the overall Group’s strategy to acquire larger sized land banks for potential township development in strategic locations with high development value".
"As close to 70% of the residential component will be priced below RM1 million, this proposed development will provide an opportunity for the Group to balance 6 and complement the Group’s existing product portfolio to meet the strong market demand for bread and butter properties." .
The Lands and the Leasehold Land is accessible from the North South Highway via the Kajang interchange, Bangi interchange as well as Bandar Seri Putra interchange. Mah Sing is planning a new interchange to allow direct access to the Lands and Leasehold Land. Besides the existing access routes, there are also plans to build a linkage between Putrajaya interchange to Jalan Kajang-Dengkil which will further enhance access to the Lands and the Leasehold Land. The Lands and the Leasehold Land is also linked to highways such as North-South Expressway Central Link, Maju Expressway and SILK Highway.
The development of the Lands together with the Leasehold Land is expected to generate an estimated gross development value of approximately RM2.15 billion, which will in turn contribute positively to the Group’s future revenue stream and profitability.
Mahsing said " The Proposed Acquisition together with the Leasehold Land Acquisition is in line with the overall Group’s strategy to acquire larger sized land banks for potential township development in strategic locations with high development value".
"As close to 70% of the residential component will be priced below RM1 million, this proposed development will provide an opportunity for the Group to balance 6 and complement the Group’s existing product portfolio to meet the strong market demand for bread and butter properties." .
The Lands and the Leasehold Land is accessible from the North South Highway via the Kajang interchange, Bangi interchange as well as Bandar Seri Putra interchange. Mah Sing is planning a new interchange to allow direct access to the Lands and Leasehold Land. Besides the existing access routes, there are also plans to build a linkage between Putrajaya interchange to Jalan Kajang-Dengkil which will further enhance access to the Lands and the Leasehold Land. The Lands and the Leasehold Land is also linked to highways such as North-South Expressway Central Link, Maju Expressway and SILK Highway.
The development of the Lands together with the Leasehold Land is expected to generate an estimated gross development value of approximately RM2.15 billion, which will in turn contribute positively to the Group’s future revenue stream and profitability.
Upon completion, the 412 acre project will be home to 17,500 people and provide a seamless, rounded lifestyle for different family sizes.
