PROPERTY developer Mah Sing Bhd has acquired a land in Setapak for RM74.3 million, earmarked for an affordable housing development with a gross development value (GDV) of RM508 million.
The 4.036 acres land in Kuala Lumpur comes with a lease expiring in February 2083, it said in an exchange filing today.
Mah Sing said the land was acquired by its wholly-owned subsidiary Jastamax Sdn Bhd from Tekun Juara Sdn Bhd, a company owned by Datuk Fawziah Abd Karim.
Mah Sing said it plans to develop M AZURA, a new transit-oriented development, planned as a residential development affordably priced from RM396,800. The target registration of interest for the project will be in the first quarter of 2024.
The land is situated some 250 meters from the planned Mass Rapid Transport 3 (MRT3) Rejang Station.
M Azura is situated within the vicinity of matured neighbourhoods such as Wangsa Maju, Setapak Jaya, Kementah, Setiawangsa, Danau Kota and Titiwangsa.
Mah Sing founder and group MD Tan Leong Hoy Kum said the new development would be its third venture in Setapak. – TMR