KUALA LUMPUR, Jan 18 — Mah Sing Group Bhd’s wholly-owned units, Supreme Springs Sdn Bhd and Legend Grand Development Sdn Bhd, have acquired two parcels of land with a potential gross development value of RM726 million for RM85.86 million.

The developer said the two parcels of land, measuring 3.32-hectares, are located in Puchong Perdana, Selangor.

"Supreme Springs has entered into a conditional sale and purchase agreement for the proposed acquisition of land (parcel 1) in Puchong Perdana measuring approximately 1.55 hectare for a purchase consideration of RM40.19 million.

"While Legend Grand acquire land (parcel 2) within Puchong Perdana, measuring approximately 1.77 hectares, for a purchase consideration of RM45.68 million,” it said in a filing with Bursa Malaysia today.

Mah Sing said that based on preliminary plans, the new development would be named M Terra (for Parcel 1) and M Hana (for Parcel 2).

"M Terra will be a residential development and to be affordably priced with indicative starting price from RM250,000. M Hana is planned as a mixed-use development which will also feature some retail lots,” it said.

It said the developments are targeted for registration of interest in the second half of 2023.

Mah Sing said it intended to fund the costs and expenses related to the proposed acquisitions and the proposed developments through a combination of internally generated funds, bank borrowings and/or net proceeds from the disposal of undeveloped lands as announced earlier. — Bernama