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Mah Sing sees healthy take-up rates for new projects

KUALA LUMPUR: Mah Sing Group Bhd has been seeing healthy take-up rates for its newly launched developments such as The Meridin Suites Residences in Iskandar Malaysia, Johor, D’Sara Sentral in Sungai Buloh and Savanna Executive Suites in Bangi.

According to the company, it achieved a 85% take-up rate for The Meridin Suites Residences — which is the first phase of its [email protected] development in Iskandar Malaysia — after a preview of the project was held in May.

“Phase one consists of three towers of partially furnished units, and these towers have seen close to 85% take-up rates,” said group managing director and CEO Tan Sri Leong Hoy Kum after the company EGM yesterday.

The [email protected] sits on 8.19 acres (3.28ha) of freehold land and has an estimated gross development value (GDV) of RM1.1 billion.

Leong said in terms of the group’s remaining GDV and unbilled sales, projects in Greater KL command a 57% share followed by those in Iskandar Malaysia with 24%, Penang island with 12% and Sabah with 7%.

He said the group’s Sungai Buloh project D’Sara Sentral, which consists of D’Sovo Suites and D’Style Shops, saw take-up rates of 50% and 70%, respectively following its preview a few months ago.

As for Penang, its recently launched Ferringhi Residence Lifestyle Show Village has also enjoyed early take-up rates of 58% (for Precinct 1B) and 78% (for Precinct 1C) since January and February this year.

At a balloting for its Savanna Executive Suites on Sept 28 and 29, a total of 1,068 apartment units, valued at RM351 million, were pre-selected within eight hours.

The project comprises the first phase of Mah Sing’s latest township development in Bangi dubbed Southville [email protected] South.

Due to keen interest in the Bangi project, Mah Sing intends to open another two towers and lifestyle retail lots which have an indicative price of RM1.3 million onwards. They are available for pre-selection next week.

In yesterday’s EGM, Mah Sing received shareholders’ approval for the acquisition of a 35.26-acre freehold tract in Senibong, Johor for a total consideration of RM365.55 million.

However, in an announcement to Bursa Malaysia yesterday, Mah Sing said the sale and purchase agreement (SPA) was terminated at the last minute, as the group had failed to secure the consent of owners of the neighbouring land parcels to construct an access road to the planned development on the site. The project called [email protected] was supposed to have a GDV of RM4.35 billion.

In its announcement, Mah Sing said the termination of the SPA would not have a material impact on its financials.

The developer added that it will continue to source good landbanks in Malaysia’s key economic zones of Greater KL, the Klang Valley, Penang, Iskandar Malaysia and Sabah.

 

This article first appeared in The Edge Financial Daily, on October 01, 2013.

 

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