Mah Sing buys land near RRIM

KUALA LUMPUR (April 4,2013): Mah Sing Group Bhd is expanding its landbank near Sungai Buloh, riding the government’s development of the Rubber Research Institute of Malaysia (RRIM) land there.
The property developer announced yesterday its unit Intramewah Development Sdn Bhd acquired a parcel of land measuring 6.55 acres (2.65ha) for RM85 million cash from Pulangan Elit Sdn Bhd, a dormant company owned by Teoh Hwa Peng, Teoh Wah Leong and Chew Hun Seng.
The newly acquired tract is expected to have an estimated gross development value (GDV) of about RM800 million, said Mah Sing in a statement.
The land will be utilised to develop a new integrated lifestyle commercial project called D'sara Sentral.
The land is located diagonally opposite the upcoming MRT station next to the RRIM land and will be developed over a span of three to five years.  
With this acquisition, Mah Sing currently has 41 projects with remaining GDV and unbilled sales of about RM19.7billion spread across Malaysia’s property hotspots — Klang Valley, Selangor, Penang island, Iskandar Malaysia in Johor, and Kota Kinabalu, Sabah.
According to Mah Sing, 15% of the consideration or RM12.75 million will be paid upon signing of the sales and purchase agreement, with the balance to be paid in three tranches over a period of six to 16 months.
D'sara Sentral will be directly linked to the MRT station via a pedestrian bridge. It will be one of the first developments in the Klang Valley with a direct link to an MRT station.  
“As connectivity is becoming more and more of a factor that appeals to the market, Damansara Sentral’s strategic location, superb accessibility and Mah Sing’s commitment to develop well designed products that meet current needs will create considerable mass market appeal for the project,” said Mah Sing group managing director and group chief executive Tan Sri Leong Hoy Kum in the statement.
Slated for completion by 2016, the MRT line links Sungai Buloh in the northwest and Kajang in the southeast, connecting Damansara, the central business district of Kuala Lumpur and Cheras.  
Mah Sing said the MRT line presents a population catchment of 1.2 million with estimated daily ridership of 442,000 passengers.
“With the scarcity of development land along the MRT line, we are confident that buyers will recognise the potential of the area and how this will translate into value and returns in the near future,” said Leong.
Mah Sing intends to introduce an innovative retail concept in D'sara Sentral, which is envisioned as a new lifestyle hub. The group said the balance of 65% of the project is expected to comprise serviced residences.
The projectl is scheduled for preview in the fourth quarter of 2013.

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