Mah Sing founder and group managing director Tan Sri Leong Hoy Kum
PETALING JAYA: Property developer Mah Sing Group Bhd
has acquired 6.169 acres of land in Taman Desa, Kuala Lumpur for RM108mil.
With an estimated gross development value (GDV) of approximately RM1.01bil, Mah Sing said the land will be developed in two phases, featuring M Aspira, a mixed-use development with approximately 1,600 residential units on 3.7 acres and approximately 800 units of Residensi Madani on 2.47 acres.
Subject to authorities’ approval and based on preliminary plans, Mah Sing said M Aspira is targeted to open for registration in the third quarter of 2024 and will consist of approximately 1,600 units of serviced apartments with three different layouts.
“Buyers would have options of units measuring indicatively 708 sq ft, 858 sq ft, 1,008-1,011 sq ft and indicatively priced from RM448,800.
“M Aspira will be designed with all of Mah Sing’s hallmark lifestyle concept, security features and modern facilities.”
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum noted that Taman Desa, located off Jalan Klang Lama and the East-West Link Expressway, has been a sought-after area since its development in the 1970s.
“Its prime location offers easy access to the city centre, Mid Valley Megamall, KL Sentral and Bangsar, as well as major suburbs like Petaling Jaya and Cheras.
“This development aims to attract urbanites and first-time homebuyers as well as foreign buyers, providing the vibrancy of city living with the tranquillity of suburban life.”
Leong explained that this was one of the last pieces of development land within a matured location in Kuala Lumpur, believing that there is strong pent-up demand for the products that Mah Sing has planned.
“The surrounding neighbourhoods have mainly older residential projects and it is timely for us to offer well-designed homes with good concept and facilities for the up-graders as well as first time home buyers from the surrounding established townships.”
Leong said the target market includes working professionals, young investors, small families and the M40 income group.
“The updated guidelines for the Malaysia My Second Home (MM2H) program offer flexibility and benefits to foreign buyers looking to purchase or invest in Malaysia’s property market.
“With the new requirement for MM2H holders to purchase a house with a minimum value of RM600,000 under the Silver category, M Aspira presents a highly attractive option for both local and foreign buyers, combining both a prime residential location and a sound investment.”
Leong added that the latest acquisition marks Mah Sing’s third land deal in 2024.
“We aim to maintain this momentum and continue acquiring strategic lands in Kuala Lumpur, Klang Valley, Johor and Penang as suitable opportunities arise.
“As of March 31, 2024, with a net gearing ratio of 0.06 times and RM966mil in cash and bank balances, the group is well-positioned to continue pursuing strategic land acquisitions, prioritising assets capable of delivering efficient returns.”
