Mah Sing buys Johor land for RM76m, unveils RM480m residential project

Mah Sing Group Bhd has acquired a vast 75.7-acre freehold land in Pulai, Johor Bahru for a sum of RM76.1 million.

The property developer said the newly acquired site, which will be named M Tiara, will be developed into a residential project with an estimated gross development value (GDV) of approximately RM480 million.

According to a statement released by Mah Sing Group, M Tiara’s strategic location is one of its primary selling points. 

Nestled in a mature area, the upcoming residential project offers easy accessibility to a wide range of amenities, including educational institutions, shopping outlets, and recreational facilities.

“We believe that M Tiara will be particularly appealing to first-time home buyers and those seeking an upgrade within a familiar vicinity,” said Tan Sri Leong Hoy Kum, the founder and group MD of Mah Sing Group.

The acquisition marks Mah Sing Group’s second land deal in 2023, as the company previously purchased an 8-acre plot in Puchong earlier this year.

The Puchong land will be utilised for the transit environment district (TED) development of M Terra and M Hana, projected to have an estimated GDV of approximately RM726 million.

With these latest acquisitions, Mah Sing Group demonstrates its commitment to expanding its land portfolio and strengthening its position in the property market.

Buoyed by a healthy balance sheet, Mah Sing Group remains proactive in seeking out more strategic lands for development. 

The company’s cash and bank balances, along with short-term investments worth approximately RM706.9 million, provide the necessary financial backing for future endeavours.

Mah Sing Group has set its sights on identifying potential land opportunities in Klang Valley, Penang, and Johor.

While the plans for M Tiara are still in the preliminary stage and subject to approval from relevant authorities, initial concepts envision a landed residential project comprising double-storey terrace and double-storey cluster homes. 

Indicative built-up sizes are expected to range from 20’/22’x70′ to 32’x70’/75′, catering to various housing needs.

The indicative starting prices for these homes are projected to begin from RM624,800.

Mah Sing’s shares closed unchanged at 59.5 sen today, with a RM1.4 billion market capitalisation. –TMR

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