MAH SING Group Bhd is acquiring 59.12 acres of freehold land in Johor Bahru’s Pulai district for RM62.98 million to develop M Tiara 3, a township featuring spacious super-linked homes with an estimated gross development value (GDV) of RM463 million.
“Named M Tiara 3, the township will feature spacious super-linked homes, with indicative home prices starting from RM780,000. The commencement of M Tiara 3 is expected to follow as a continuation of M Tiara 2,” Mah Sing said in a filing.
This marks the group’s fifth land acquisition in 2024 and its third in Pulai.
The purchase and development will be funded via a mix of internal resources and bank borrowings.
The group highlighted strong demand for M Tiara projects, with over 14,000 registrations of interest and a 100% take-up rate for international lots.
Mah Sing aims to leverage transformative developments in the region, including the Johor-Singapore Rapid Transit System (RTS) and the Johor-Singapore Special Economic Zone, to bolster demand.
The acquisition is expected to be finalised in the first half of 2025 and contribute positively to the group’s earnings. — TMR