A Kuala Lumpur city view from land purchased by Mah Sing Group Bhd in Mukim Petaling . MAH SING Pix
The top-three influencing factors when it comes to house purchase is price, location as well as security and safety, and these are the top priorities for Mah Sing Group Bhd when it develops its new parcel of land in Mukim Petaling.
The company announced recently that its wholly-owned unit, Mah Sing Properties Sdn Bhd, is buying 1.87ha of freehold land in Mukim Petaling for RM90.3 million (inclusive of development charge). The land acquisition will increase MahSing’s prime landbank to 853.5ha, with total remaining gross development value and unbilled sales of RM26.2 billion. Mah Sing is planning a residential project with an estimated gross development value of RM500 million
The project is targeted to start in the second half of this year and would take up to five years to complete, said Mah Sing group managing director Tan Sri Leong Hoy Kum in a statement. “Various recent surveys have shown that 92 per cent of Malaysians prefer to buy than rent, with the top-three influencing factors being price, location, and security and safety. We will continue our strategy of providing homes with luxury features at affordable rates as we believe demand will persist for the right product in the right location and at the right pricing,”he said.
Leong said the project is targeted at first-time buyers and some up graders as well as the city’s professional population who are looking to
stay near to the central business district with ready amenities and infrastructure. He said the acquisition fits Mah Sing’s strategy of land banking for niche projects in good locations that are ready for immediate development.
“This will be a quick-turnaround niche development as the land comes with development order, but in view of the prime location, Mah Sing intends to revisit the development plans in order to fit current market demands.” Mah Sing group strategy and operations director Lionel Leong said the residential project would have three to four-bedroom units. “From the actual transactions listed at JPPH (Valuation and Property Services Department), we see high demand for bigger units. These larger units would be ideal for buyers who are currently staying in older homes and want better security and facilities to cater to their young families and children,”he said.
Currently, the most affordable two-bedroom units would have an indicative built-up from 700 sq ft and indicative starting price from RM428,000.
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