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Mah Sing secures bulk sale for Icon Residence Mont'Kiara

KUALA LUMPUR: Mah Sing Group Bhd has secured a bulk sale of 96 units for its serviced residences in Icon Residence Mont'Kiara for a total of RM220.8 million or RM1,200 per sq ft.

The units were purchased by a Chinese corporation. The Chinese corporation will undertake the construction and external work of the entire Icon Residence Mont'Kiara project in return for the selected units. The corporation has also appointed the developer as the sole marketing agent for the 96 units, said Mah Sing in a statement on Monday Oct 10.

With a distinctive Mediterranean design, the Icon Residence Mont'Kiara comprises 260 units in three towers. Every unit of the development is a corner unit with the three towers — dubbed Icon 1, Icon 2 and Icon 3 — housing between two to six units per floor. With the bulk sale, the take-up of the project is now more than 60%.

After the completion of the sales gallery and show units on-site, the development has attracted strong interest from Hong Kong, China, Singapore, Indonesia, Taiwan, Korea and East Malaysia. Mah Sing said it intends to embark upon a series of road shows to these interested countries. 

Mah Sing group managing director cum group CEO Tan Sri Leong Hoy Kum said, "We are encouraged by this bulk sale which is a vote of confidence in our project. This is a win-win arrangement for both parties as we believe there is plenty of upside to the project once it is completed, and Mah Sing effectively does not have to come up with further cashflow to complete the project.

"This is indeed an innovative arrangement as it frees up the construction cost for Mah Sing and allows us to use our cash flow for other opportunities. It also sets a precedent for similar arrangements in the future in other Mah Sing projects," he said.

Icon Residence Mont Kiara will be both Malaysian Green Building Index (GBI) compliant and Singapore Green Mark compliant, and will be situated in a strategic location next to the upcoming 65 acre KL Metropolis project as well as the proposed MRT and LRT stations adding to the developments strong potential.

"Icon Residence Mont'Kiara is meant for resort living, and will come partially furnished. All units shall come with designer kitchen cabinets, and built-in wardrobes for the master bedroom. Branded appliances shall be provided, including the refrigerator, washing machine cum dryer, stove and hood," Leong said.

"Besides that, we shall provide air conditioning units using the VRF [variable refrigerant flow] method, which provides ducted cooled air to the living, dining and master bedrooms. With the conducive financing environment, it is a good time for buyers to lock in their interest."

In addition to the furnishings and appliances mentioned, Icon Residence Mont'Kiara will also feature an automated waste collection system; a rain harvesting system; low volatile organic compound (VOC) interior and exterior paint; double glazed windows for noise insulation; and energy-saving bulbs for common areas.

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