The group entered into a sale and purchase agreement today with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd to acquire the land located near Limkokwing University of Creative Technology, for RM130.5 million or RM26 psf with land consideration of RM121.5 million or RM24.2 psf, and infrastructure consideration of RM9 million or RM1.8 psf.
Its president and chief executive Tan Sri Leong Hoy Kum told reporters after the signing that the development called Garden Residences, will be a self-contained gated and guarded mini-township including a clubhouse and other facilities and amenities.
"As the residential properties in Cyberjaya currently comprise mainly medium range apartments and bungalow lots, we believe there is a pent-up demand for gated and guarded landed properties with good concepts and themes which provide good value," Leong said.
Garden Residences has an estimated gross development value of RM690 million. It will comprise 2- and 3-storey superlink homes with built-ups from 2,800 sq ft and indicative pricing from RM668,800 and two and three storey semidees with built-up of 3,000 sq ft and indicative pricing from RM798,800, as well as 2- and 3-storey bungalows with built-ups from 3,700 sq ft, and indicative prices from RM1.42 billion.
The project will be developed in two phases. Construction of Phase 1 is expected to start next year, after approvals from the local authority.
The developer also has the option to purchase 6.32 acres of an adjacent commercial land at RM79 psf within six months, or at RM81.8 psf between 6 to 12 months. It is still in discussions for the acquisition.
Leong said Mah Sing Group has achieved RM543 million sales in 7 1/2 months, exceeding its full year target of RM453 million by 1.2 times. Its unbilled sales for the same period stands at RM800 million, approximately 1.6 times the revenue recognised from the property division last year. Both the residential and commercial divisions have contributed 40% and 60% respectively of sales.
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