KUALA LUMPUR: Mah Sing Group Bhd has increased the gross development value (GDV) of its 428-acre (173.2ha) Southville [email protected] South project in Bangi, Selangor by 62% to RM8.3 billion from the initial RM5.13 billion after it secured the approval of the authorities for the township’s master plan, which now includes a 2km stretch of commercial development fronting the North-South Highway.
The take-up rate has been encouraging for Phase 1 of Southville [email protected] South, which includes the Savanna Executive Suites, with RM600 million sales achieved, said Mah Sing in a statement yesterday.
“Construction has commenced for Phase 1 of Southville [email protected] South. The approved direct interchange is estimated to be completed simultaneously with the completion of Savanna Executive Suites,” the property developer added.
Phase 2 of Southville City, called Avens Residence, comprises 196 units of 2½-storey and 3-storey link homes. Over the weekend, 80% of the 80 units out of 112 two and a half-storey link homes opened for pre-selection were
taken up, recording sales of RM61 million. Avens Residence is due for official launch in mid-June.
“It is Mah Sing’s master plan to develop Southville City as a self-contained haven, slightly outside the city where parents can raise their children in a holistic suburban lifestyle, and still easily travel to the city for work purposes,” Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said in the statement.
This article first appeared in The Edge Financial Daily, on June 03, 2014.