KUALA LUMPUR, June 13 — Mah Sing Group Bhd has acquired 30.63 hectares in Mukim Pulai, Johor Baru for RM76.09 million for a landed housing development known as M Tiara.
The property developer said in a statement today that it will build double-storey terraced and double-storey cluster housing on the prime freehold land with a gross development value (GDV) of RM480 million with indicative price of the units beginning from RM624,800. Registration is targeted in the first half of 2024.
“This marks Mah Sing’s second land deal in 2023 following the purchase of 3.23 hectares (eight acres) in Puchong earlier this year for the Transit Environment District (TED) development of M Terra and M Hana with a GDV of RM726 million.
“The group will continue to scout for more strategic lands in the Klang Valley, Penang and Johor backed by a healthy balance sheet with cash and bank balances and investment in short-term funds of RM706.9 million as reported in Mah Sing’s first quarter (1Q) 2023 results,” the statement said.
Johor is Mah Sing’s second largest development region following notable townships including Sri Pulai Perdana, Sri Pulai Perdana 2, Austin Perdana, Sierra Perdana and Meridin East.
Other developments include the Meridin@Medini mixed development and Mah Sing i-Parc industrial development.
The proposed acquisition will further solidify the group’s footprint in Johor and strengthen its positioning in the affordable segment after acquiring 2.80 hectares for M Minori in Taman Seri Austin, Johor Bahru in 2022.
The group said it would leverage its track record, established brand and in-depth knowledge of market demand to create demand. — Bernama
