Monday, 3 July 2017 | MYT 5:27 PM
Mah Sing acquires land in KL, Penang with proposed GDV of RM2.35b
BY P. ARUNA
image: http://www.thestar.com.my/~/media/online/2017/07/03/09/33/mah-sing-m-vertica-artist-impression.ashx/?w=620&h=413&crop=1&hash=7ED4EF06EF9D0F8E0B1861D83F6DC671807A8D57
KUALA LUMPUR: Mah Sing Group Bhd (Mah Sing) has acquired two new pieces of prime lands in Batu 2.5 Cheras, Kuala Lumpur and Bukit Mertajam, Penang, for a total RM307.3mil.
It said the lands in Kuala Lumpur and Penang were for a proposed integrated development and a business park respectively with a combined GDV of RM2.35bil.
The property developer said in a statement on Monday that it had signed an agreement to acquire Cordova Land Sdn Bhd (Cordova), which has an offer accepted by DBKL to purchase the 11.233 acres of prime land along Batu 2.5 Jalan Cheras, Kuala Lumpur.
It said the land is 1.8km from the Sunway Velocity Mall and will be developed into M Vertica, an integrated development with an estimated gross development value (GDV) of RM2.2bil.
The land currently houses a surau, Kompleks Belia Bandaraya, and the aged Stadium Badminton Kuala Lumpur which will be reconstructed as part of Cordova’s corporate social responsibility.
It said the total consideration of RM263.48mil or about RM538psf was after taking into consideration the share sales, land cost and estimated reconstruction and upgrading cost, estimated at RM25mil allocated for Stadium Badminton Kuala Lumpur.
Mah Sing Group MD Tan Sri Leong Hoy Kum said the group was looking at residential suites from 850sqft at an indicative price from RM450,000 or RM529psf and a choice of larger units at 1,000 sqft.
“Upon the completion of MRT Line 1, Sunway Velocity Mall, My TOWN Shopping Centre and IKEA Cheras are all within walking distance from Cochrane station which is only one stop away from Maluri MRT station,” he said.
It said the lands in Kuala Lumpur and Penang were for a proposed integrated development and a business park respectively with a combined GDV of RM2.35bil.
The property developer said in a statement on Monday that it had signed an agreement to acquire Cordova Land Sdn Bhd (Cordova), which has an offer accepted by DBKL to purchase the 11.233 acres of prime land along Batu 2.5 Jalan Cheras, Kuala Lumpur.
It said the land is 1.8km from the Sunway Velocity Mall and will be developed into M Vertica, an integrated development with an estimated gross development value (GDV) of RM2.2bil.
It said the total consideration of RM263.48mil or about RM538psf was after taking into consideration the share sales, land cost and estimated reconstruction and upgrading cost, estimated at RM25mil allocated for Stadium Badminton Kuala Lumpur.
Mah Sing Group MD Tan Sri Leong Hoy Kum said the group was looking at residential suites from 850sqft at an indicative price from RM450,000 or RM529psf and a choice of larger units at 1,000 sqft.
“Upon the completion of MRT Line 1, Sunway Velocity Mall, My TOWN Shopping Centre and IKEA Cheras are all within walking distance from Cochrane station which is only one stop away from Maluri MRT station,” he said.
Read more at http://www.thestar.com.my/business/business-news/2017/07/03/mah-sing-acquires-land-in-kl-penang-for-rm307m/#QIY9WImdcy7qQMbe.99
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