KUALA LUMPUR: Mah Sing Group Bhd, through its wholly-owned subsidiary Mah Sing Properties Sdn Bhd, acquired 206 acres of freehold tract in Johor Bahru, according to a statement released by the developer on Tuesday, Apr 12.
Situated just 1km from the Port of Tanjung Pelepas (PTP) and 23km from Jurong Industrial Estate in Singapore, the tract was aquired for a cash consideration of RM54.7 million, approximately RM6.10 psf.
The tract has been slated for the development of Mah Sing i-Parc, an integrated industrial and business park with an estimated gross development value (GDV) of RM610 million.
"We see enormous potential for Mah Sing i-Parc to be a centralised logistic hub as it the location is very prime and this is one of, if not the last, piece of sizeable freehold land in the area," Mah Sing's group managing director cum group chief executive Tan Sri Leong Hoy Kum said.
Initial plans for Mah Sing i-Parc are semi-detached factories with built-ups of approximately 5,400 sq ft, priced from RM1.5 million and detached factories with 10,000 sq ft in size, priced from RM2.5 million. There will also be some factory land of approximately 0.5 acre to one acre per lot for sale within the industrial and business park. Also in the preliminary plans are 3-storey shops with built-ups of about 4,620 sq ft, priced from RM650,000.
"We have a unique user's viewpoint for industrial developments, as we have a profitable plastics business with factories in both Malaysia and Jakarta. That is why our industrial projects have done very well, and Mah Sing i-Parc may well be our most successful industrial project yet. We have just been awarded the Best Industrial Development Malaysia for [email protected] Jelutong in the Asia Pacific Property Awards 2011 in association with Bloomberg Television for the quality and concept of our industrial project. We shall replicate the success by carefully planning the overall concept of the project, taking into account requirements like security, workforce, utility, etc," Leong said.
Mah Sing i-Parc will be the developer's first large scale industrial project in 15 years. The group launched in 1995 its RM400 million 300-acre Mah Sing Integrated Industrial Park in Sungai Buloh, which was fully sold. Currently, there are three i-Parc projects in the Klang Valley offering semi-detached factories, which has also proven popular as corporate offices, all in locations with good connectivity to logistic hubs.
The development is expected to commence in 4Q2011 and to be developer over a span of five years.
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