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Mah Sing to build world-class integrated commercial hub in PJ

PETALING JAYA: Mah Sing Group Bhd plans to develop a world-class integrated commercial hub on a land it recently acquired from Panasonic HA Air-Conditioning (M) Sdn Bhd, the deputy COO of Mah Sing Properties Sdn Bhd Teh Heng Chong said.

Speaking to theedgeproperty.com, Teh said the developer is currently fine-tuning the design of the project, which will be developed on the land parcel in Free Trade Zone in Petaling Jaya's SS9. He expected the design to be finalised within two months, and the development to be launched in the middle of next year.

The 19.6-acre project, which will comprise shopoffices, semi-detached offices, Small Office Home Offices (SOHOs) and retail units, is estimated to have a gross development value (GDV) of RM838 million and will be developed over five years.

“We are in the midst of converting the land status into commercial land. We are looking for land around that area too,” he added.

The land in SS9 is formerly the factory of Panasonic HA Air-Conditioning (M) Sdn Bhd. Japanese business daily, The Nikkei, reported in January this year that Panasonic Corp plans to close two of its three plants that make electronics parts in Malaysia.

Its cathode-ray tube (CRT) plant in Batu Berendam, Melaka, was shut down on Feb 27 this year that resulted in 450 of 1,100 workers being laid off.

On the proposed en bloc sale of The [email protected]’Kiara commercial project that hit a snag recently, Teh said Mah Sing Group is looking to develop a serviced apartment project, which is scheduled for launching by the middle of next year, to meet the demand for smaller units in Mont’Kiara. Maybank IB said in a report on Nov 4 that the project is expected to have an indicative GDV of RM250 million.

The company plans to offer fully or partly furnished serviced suites, mostly with built-ups of 850 sq ft and 1,400 sq ft, as well as some units with built-ups of 1,800 sq ft to complement the high-rise market that predominantly offers condominiums with larger built-ups.

The group currently has approximately RM5.4 billion worth of remaining GDV and future progress billings from its property development projects in the Klang Valley, Johor Baru and Penang island.



The building complex on the left in PJ's SS9 was formerly a Panasonic factory. Mah Sing plans to develop on the 19.6 acre shopoffices, semi-detached offices, Small Office Home Offices and retail units.
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