KUALA LUMPUR (June 29): Mah Sing Group Bhd has acquired a new plot of land in the district of Tebrau, Johor Bahru — the group's first land deal this year — to develop a mixed project that will have an estimated gross value of about RM469 million.
In a statement Tuesday (June 28), Mah Sing said the prime land parcel — measuring about 6.938 acres and valued at RM39.29 million — is located in Taman Seri Austin next to an existing McDonald's drive-through, and is accessible via Persiaran Eco Cascadia.
The proposed mixed project, M Minori, will comprise three blocks of serviced suites with 1-bedroom, 2-bedroom and 3-bedroom units, with indicative build-outs ranging from 550 sq ft to 880 sq ft, with indicative prices starting from RM260,000.
“It is about 6.5km from Mah Sing’s Johor office in the matured township of Austin Perdana, and is targeted for registration of interest in the fourth quarter of 2022. This proposed mixed development also features some retail lots with plans to accommodate drive through food and beverage outlets,” said Mah Sing.
Part of the land cost will be funded by proceeds from the recent sale of a small plot of land in Permatang Tinggi on the Penang mainland, the group said.
The group said it is encouraged by the success of its affordable M-Series housing in city centres and landed link homes in suburban areas, and will continue to look for similar lands to build more affordable housing.
“This is a strategic decision to focus more on good take-up and shorter turnaround M-Series type of residential lands for development of affordable properties that are in line with market demand.
“In addition to Klang Valley, Johor and Penang, other locations on the group’s radar include the high-growth corridors of Seremban, Melaka and Perak,” said Mah Sing.
Meanwhile, it said M Minori is a project inspired by Japanese minimalism and aimed at young buyers seeking a more convenient and safer environment with stricter access control, according to Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.
“M Minori is in the heart of the established Austin community, which means buyers will be able to easily access educational institutions, medical centres, shopping outlets and more. We believe that first-time home buyers from surrounding areas who want to stay near the central business district will find M Minori very attractive and convenient,” he added.
Mah Sing shares closed unchanged at 60 sen on Tuesday, giving the group a market capitalisation of RM1.44 billion.