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Mah Sing acquires prime lands in Klang Valley for RM276.1m

KUALA LUMPUR: Mah Sing Group Bhd's acquisition spree is continuing with the latest purchase of three plots of land, where it plans to develop projects worth a combined gross development value (GDV) of RM1.1 billion.

"We are building our development pipeline for 2011 and beyond, as we have enough projects to launch and sell this year. We have the capacity, and are always on the look-out to purchase good, sizable landbanks at prime locations," said Tan Sri Leong Hoy Kum, Mah Sing's group managing director and group chief executive in a statement on Friday, July 9.

The three plots of lands — acquired for a combined total of RM276.1 million — are located in Kinrara, Puchong (RM178.4 million); the Damansara North-Subang-Sungai Buloh corridor (RM65.9 million); and in Bukit Jelutong, Shah Alam (RM31.8 million).

The Kinrara tract measuring 125.8 acres is earmarked for the development of Kinrara Residence. The landed medium to high end, gated and guarded project has an estimated GDV of RM730 million.

Nased on preliminary plans, the development will offer 2-storey and 3-storey link homes with approximate built-ups from 2,200 sq ft and indicative pricing from RM498,998; 2 and 3-storey semi detached homes with approximate built up from 3,000sq ft with indicative pricing from RM960,000; and 3-storey bungalows with approximate built up from 4,500 sq ft and indicative pricing from RM1.8million. Construction is expected to commence by the end of 2010.

altStar Avenue — a commercial development, comprising 3-storey shops, retail lots, offices and a lifestyle mall — is slated for the land in the Damansara North-Subang-Sungai Buloh corridor. Spread over 17.82 acres, the project has an estimated GDV of RM280 million. Mah Sing expects to launch Star Avenue in the first half of 2011.

The iParc 3 @ Bukit Jelutong will be developed on the 10.95-acre Bukit Jelutong tract, as part of Mah Sing's iParc industrial series of low density, semi-detached factories.

iParc 3 @ Bukit Jelutong will offer 3-storey semi-detached factories with layout flexibility options, and priced from RM3 million. The build-up for the smallest units will be around 5,400 sq ft. The project has an estimated GDV of RM82 million, and is targeted for launch in the first half of 2011.

"Acquisition of choice land allows us to address our top priority which is to create, enhance and protect value for our shareholders," said Leong.

Mah Sing recently received recognition as the listed company with the Highest Compound Returns to Shareholders (Property Sector) at the inaugural The Edge Billion Ringgit Club Awards on July 5.

The developer has acquired new sites with a combined GDV of RM1.9 billion in slightly over six months in 2010. Last year, Mah Sing acquired six pieces of land with a combined GDV of RM2.2 billion.

Together with the latest acquisition, Mah Sing has projects with a remaining GDV and unbilled sales of approximately RM7.5 billion located in the Klang Valley, Penang Island and Johor Bahru.

Residential projects contribute to the bulk of the value with 59%, while commercial and industrial projects make up 36% and 5% respectively. These landbanks should last the Group for at least six years, Leong said.
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