Mah Sing to buy 78% of firm, co-develop RM1.3b project in KL

PETALING JAYA: Mah Sing Group Bhd has proposed to acquire a 78% stake in Cosmowealth Housing Development Sdn Bhd for RM54.96 million and to develop 8.5 acres of freehold land in Sentul, Kuala Lumpur, with an estimated gross development value (GDV) of RM1.3 billion.
Cosmowealth Housing had on May 25, 2017, entered into a sale and purchase agreement to acquire three pieces of adjoining freehold land in Sentul measuring 8.5 acres for RM95.07 million. Cosmowealth Housing is a special one project company to undertake the proposed development and has not yet commenced operations. Based on preliminary plans, Mah Sing will undertake a residential development named MCentura on the land comprising serviced apartments.
The development, which is planned to be affordably priced, intends to offer well units with indicative built-ups of 650 sf ft, 850 sq ft and 1,000 sq ft priced from RM326,000 per unit, targeting the mass market segment.
Cosmowealth Housing will be submitting the proposed development plans to the relevant authorities for approval. Subject to market conditions and the relevant authorities' approval, the proposed development is expected to commence in the second half of 2017 and to be developed over a span of four to five years.
The proposals will result in the increased ownership of prime landbanks by Mah Sing to 2,336 acres, with total remaining GDV and unbilled sales of RM32.2 billion.