Mah Sing Shifts Its Focus on Affordable Properties
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In a bid to streamline its landbank to fit current market demand and business strategies, Mah Sing axed two deals entered into three years ago to focus on affordable properties, reported New Straits Times.
"It is important for us to understand the market's needs and offer the right products in the right location, at the right time and, most importantly, at prices that are affordable for all" said Tan Sri Leong Hoy Kum, Mah Sing's group managing director.
Mah Sing is shelving its plan to develop 35ha of land at Sultan Salahuddin Abdul Aziz Shah golf course in Shah Alam. The developer is also selling its 51 percent stake in Convention City Development Sdn Bhd, which is set to develop a 3.4ha site situated next to Sabah International Convention Centre for around RM6.6 million.
Instead, it will purchase a 4.5ha leasehold site in Cheras for RM263.5 million and a 4.4ha freehold land in Bukit Mertajam for RM43.8 million. This comes as property transactions in the two areas are active.
Mah Sing intends to undertake a residential development in the Cheras site. Dubbed M Vertica, the RM2.2 billion development will offer affordably priced serviced apartments. With built-up areas of between 850 sq ft and 1,000 sq ft, the units will be priced from RM450,000.
The Bukit Mertajam land, on the other hand, will be developed into a RM150 million industrial business park featuring shop offices and light industrial factories.
Mah Sing expects to develop the Cheras land over a five-year period and the Bukit Mertajam site in three to four years.