Mah Sing looking for more land

KUALA LUMPUR (JULY 12): Mah Sing Group Bhd, which currently holds a 2,183-acre landbank, is still on the lookout for more potential land buys.

“We are in a very good cash position that allows us to acquire good potential land when the opportunity arises.

“Our net gearing is at 0.02%; it is very close to net cash position,” said its CEO Datuk Ho Hon Sang.

Over the past few months, Mah Sing has announced several development land acquisitions in Cheras, Sentul, Titiwangsa (all in Kuala Lumpur) and in Bukit Mertajam, Penang.

Ho was speaking to reporters at the topping-up ceremony of Lakeville Residence Tower E & F today.

Sitting on a 12.38-acre site in Taman Wahyu, KL, the integrated development comprises six residential blocks and one affordable housing scheme known as Residensi Seri Wahyu, and some podium shoplots.

“We are very happy to celebrate this significant 8.4 million safe man-hours and timely delivery. This highlights the high level of commitment and dedication of the project managers and contractors,” said group managing director Tan Sri Leong Hoy Kum at the event.

Lakeville Residence consists of 2,567 residential units with built-ups ranging from 977 sq ft to 1,365 sq ft and priced at RM598,000 and above.

Meanwhile the 3- and 4-storey lifestyle shops fronting Jalan Sibu have built-ups starting from 4,651 sq ft and priced from RM3.5 million onwards.

The entire development has an estimated gross development value of RM1.5 billion.

“Launched in 2014, the current take-up rate of the entire development stands at approximately 90% with Tower A and B being completely sold out, while Tower E and F have sold 85% and 88% respectively. Tower C and D, which were launched in April this year, have sold 75% and 80% respectively. Residensi Seri Wahyu has sold 85% so far,” said Mah Sing’s senior general manager Yeoh Chee Beng.

He added that Tower A and B are currently 86% completed while Tower E and F are at 60%. They are on track for completion in 1Q2018 and 3Q2018, respectively, said Yeoh.

Meanwhile, Tower C and D’s current progress stand at 16% while Residensi Seri Wahyu is 4% completed as of today.

“We still have 290 units available [for sale] in this project at the moment — most of them are bumi units. We hope they will all be sold very soon,” said Yeoh.