PETALING JAYA: Mah Sing Group Bhd has acquired freehold land measuring 6.938 acres in Mukim Tebrau, Johor Baru, for RM39.29 million to develop M Minori, which will have an estimated gross development value (GDV) of RM469 million.
The land is in Taman Seri Austin next to a McDonald’s drive-through outlet, and access to the site is via Persiaran Eco Cascadia.
Based on preliminary plans and subject to authorities’ approval, M Minori will be a mixed development comprising three blocks of serviced suites with one-bedroom, two-bedroom and three-bedroom units, with indicative built-up ranging from 550 sq ft to 880 sq ft, with an indicative starting price from RM260,000.
The site is about 6.5km from Mah Sing’s Johor Baru office in the matured township of Austin Perdana and registration of interest is targeted for the fourth quarter of 2022. The proposed mixed development features some retail lots with plans to accommodate drive-through food and beverage outlets.
This marks Mah Sing’s first land deal in 2022. Encouraged by the success of the M-series of affordable apartments in city centres and landed link homes in suburban areas, the group will continue to scout for similar plots to develop affordable homes, prioritising land that can generate returns with turnaround efficiency.
Part of the land cost for M Minori will be funded by proceeds from the recent disposal of a small piece of land in Permatang Tinggi in mainland Penang.
A decision was made to focus more on the good take-up and shorter turnaround M-Series type of residential land for development of affordable properties that are in line with market demand. In addition to Klang Valley, Johor and Penang, other locations on the group’s radar include the high-growth corridors of Negri Sembilan (Seremban), Malacca, and Perak.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said M Minori buyers will be able to easily access educational institutions, medical centers, shopping outlets and more.
“We believe that first-time home buyers from surrounding areas who want to stay near the central business district will find M Minori attractive and convenient,” he said in a statement.
M Minori is expected to leverage on a huge target catchment as it is within the vicinity of matured neighbourhoods such as Taman Seri Austin, Taman Setia Indah, Taman Daya, Taman Mount Austin, Bandar Datuk Onn and Taman Desa Tebrau. These matured residential communities are highly accessible via major highways and trunk roads. It is only 5km from North-South Expressway interchange, 8km from Pasir Gudang Highway Interchange and 13km from Senai-Desaru Expressway Interchange.