PETALING JAYA: Mah Sing Group Bhd has acquired prime freehold land of about 75.7 acres in Mukim Pulai, Johor Bahru, for RM76.1 million.
This newly acquired land is to be named M Tiara and planned for landed residential homes with an estimated gross development value (GDV) of RM480 million.
Based on preliminary plans and subject to authorities’ approval, M Tiara is envisioned to be a landed residential project comprising double-storey terrace and double-storey cluster homes with indicative built-up of 20/22 ft x 70 ft and 32 ft x 70/75 ft respectively and with indicative starting price from RM624,800.
M Tiara is strategically located between the well-established townships of Mutiara Rini and Lima Kedai. It is within a 5km drive from Stadium Sultan Ibrahim and is highly accessible via major highways and trunk roads.
In view of its good connectivity, established catchment and ready amenities within the vicinity, M Tiara is set to meet demand from first-home buyers and upgraders from matured townships nearby.
Registration of interest is targeted to start in the first half of 2024.
This marks Mah Sing’s second land deal in 2023 following the purchase of an 8-acre plot in Puchong, Selangor, earlier this year, for the Transit Environment District development of M Terra and M Hana with an estimated GDV of RM726 million.
Mah Sing said it will continue to scout for more strategic land in Klang Valley, Penang and Johor, backed by a healthy balance sheet with cash and bank balances and investment in short-term funds of about RM706.9 million as reported in the group’s first-quarter 2023 results.
The group has established a solid brand presence in the southern region following the success of notable townships that include Sri Pulai Perdana, Sri Pulai Perdana 2, Austin Perdana, Sierra Perdana and Meridin East. Other developments include the Meridin@Medini mixed development and Mah Sing i-Parc industrial development.
The latest acquisition will solidify the group’s footprint in Johor and strengthen its competitive positioning in the affordable segment after the acquisition of the 6.938-acre M Minori in Taman Seri Austin, Johor Bahru, in 2022. The group will leverage its track record, established brand and in-depth knowledge of the market demand to create a desirable development.
“M Tiara is ideally located in a matured location and easily accessible to educational institutions, shopping outlets, recreational facilities, and other amenities. We believe that first-time home buyers or those looking to upgrade from nearby areas while remaining close to a familiar location will find M Tiara appealing,” said Mah Sing’s founder and group managing director, Tan Sri Leong Hoy Kum.
