Mah Sing buys RM438m worth of tracts
KUALA LUMPUR (May 28): MAH SING GROUP BHD [] is acquiring two tracts, one each in Johor and the Klang Valley for a total of RM438.35 million cash.In separate statements to the bourse today, Mah Sing said the property developer plans to undertake projects with a collective estimated gross development value (GDV) of RM5.5 billion on both sites.
In Johor, Mah Sing said it is buying a 14ha (35.26 acre) freehold land within the Plentong area for RM365.55 million from Kim San Investments Sdn Bhd.
Mah Sing said it intends to undertake a mixed development worth RM4.35 billion on the tract within the Iskandar Malaysia area.
The firm said the five-year "integrated project" will include serviced residences, hotel and retail portions.
Within the Klang Valley, Mah Sing said it is acquiring a five ha (12.38 acre) leasehold site from Bun Seng Hardware Sdn Bhd for RM72.8 million.
Mah Sing said it plans to undertake a residential project to be known as "Lakeville Residence" on the tract within the Taman Wahyu area here. The four-year project has a GDV of RM1.15 billion.
"Based on preliminary plans, Lakeville Residence shall comprise family-friendly serviced residences with built-up sizes ranging from 950sq ft to 1,200sq ft and to be designed with all of Mah Sing’s hallmark lifestyle concept, security features and modern facilities," the developer said.
Mah Sing said the purchase prices for both the Johor and Klang Valley tracts have not taken into consideration real estate valuers' estimates.
Mah Sing said it plans to finance both acquisitions with its rights issue proceeds and bank loans. The proposed acquisitions are due for completion in the first half of 2014.
The Edge
