KUALA LUMPUR: Mah Sing Group Bhd is buying a parcel of freehold commercial land on Jalan Ampang here for RM53.8 million (or RM857 psf) on which the developer is rolling out its new brand of mid to high-end serviced apartments and condominiums called the M Suites.
Announcing this on April 22, Mah Sing said its wholly-owned subsidiary Star Residence Sdn Bhd has entered into a sales and purchase agreement with Elsinburg Holding Sdn Bhd, a wholly-owned subsidiary of Fraser & Neave Holdings Bhd, to acquire the 1.44-acre tract which has received approval for development.
M [email protected] Ampang will comprise two blocks of serviced residences, likely to total more than 500, with an estimated gross development value (GDV) of RM257 million.
To make them affordable, the units will be sized from 430 to 1,150 sq ft and are likely to be tagged at RM350,000 onwards. Buyers will also have the option to have these fully furnished.
The project will be complemented by a limited retail component, with the outlets located on the ground floor. Recreational facilities will include a swimming pool and a podium roof garden.
Since the project has already received the development order, Mah Sing is wasting no time to turn the project around – it is already calling for registration of interest. Construction is expected to start in 2H2010.
“Given its freehold status and the scarcity of land in this very strategic location, we believe the land cost is attractive,” said Mah Sing group managing director and CEO Tan Sri Leong Hoy Kum.
“The land has a development order. This fits in nicely with our model of quick turnaround for niche projects,” he added.
This is the developer’s third land acquisition this year.
Including M [email protected] Ampang, the group has a total of 26 projects with remaining GDV and unbilled sales of about RM6.2 billion – all strategically located in the economic and property hotspots of the Klang Valley, Kuala Lumpur, Penang Island and Johor Bahru.Mah Sing said it has achieved sales of RM516 million in 1Q2010 against the whole year target of RM1 billion sales.
Also, read: Fraser & Neave to gain RM21.98 million from Ampang land sale