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 RM1.01bil, Mah Sing said the land will be developed in two phases, featuring M Aspira, a mixed-use project with approximately 1,600 residential units on 3.7 acres and about 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 about 1,600 serviced apartments with three different layouts.
“Buyers will have options of units measuring 708 sq ft, 858 sq ft and 1,008 to 1,011 sq ft, indicatively priced from RM448,800.
“M Aspira will be designed with all of Mah Sing’s hallmark lifestyle concept, security features and modern facilities,” it said in a statement.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said 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 home buyers as well as foreign buyers, providing the vibrancy of city living with the tranquillity of suburban life.”
Leong said 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 neighbourhood have mainly older residential projects and it is timely for us to offer well-designed homes with good concept and facilities for the upgraders 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) programme offer flexibility and benefits to foreign buyers looking to purchase or invest in Malaysian 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 a prime residential location and 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 land parcels in Kuala Lumpur, Klang Valley, Johor and Penang as opportunities arise.
“With a net gearing ratio of 0.06 times and RM966mil in cash and bank balances as at March 31, 2024, the group is well-positioned to continue pursuing strategic land acquisitions, prioritising assets capable of delivering efficient returns.”
