KUALA LUMPUR: Mah Sing Group Bhd has inked its third land purchase for 2019, acquiring 4.52 acres prime land in Wangsa Melawati, Mukim Setapak for RM61.97 million.
This comes on the heels of two earlier land acquisitions this year, M Oscar (Kuchai Lama) and M Luna (Kepong).
Based on preliminary plans, the new development, known as M Adora, will have an estimated gross development value (GDV) of RM378 million and it is planned for two blocks of affordable residential development.
The most affordable units would have an indicative built up from 850 sq ft and indicative starting price from RM468,000. The project will be developed over a span of four years.
Mah Sing is still eyeing more strategically located land, especially in the Klang Valley. The group’s expansion drive is underpinned by its healthy balance sheet with cash and bank balances of RM1.3 billion for the quarter ended March 31, 2019.
Its founder and group managing director Tan Sri Leong Hoy Kum believes M Adora will be able to match the current market demand for affordable housing that comes with ample amenities.