Leong believes that first-time buyers from the surrounding areas will want to stay near the CBD.
KUALA LUMPUR: Mah Sing Group Bhd has acquired 6.94 acres of freehold land in Mukim Tebrau, Johor Bahru for RM39.3mil, which is planned for a new project called M Minori. The property has an estimated gross development value of approximately RM469mil.
The parcel of land is located in Taman Seri Austin, next to an existing McDonald’s drive-through and access to the land 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. The indicative starting price is RM260,000. This proposed mixed development also features some retail lots with plans to accommodate drive-through food and beverage outlets.
This marks Mah Sing’s first land deal in 2022 and encouraged by the success of M-series affordable apartments in city centres and landed link homes in suburban areas, the group will continue to scout for similar lands to develop affordable homes, prioritising lands 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. This is a strategic decision to focus more on good take-up and shorter turnaround M-Series type of residential lands for the 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 Seremban, Melaka, and Perak.
“M Minori is in the heart of the established Austin community, which means buyers will be able to easily access educational institutions, medical centres, shopping outlets and more. We believe that first-time home buyers from surrounding areas who want to stay near the central business district (CBD) will find M Minori very attractive and convenient,” said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.
M Minori is expected to leverage on a huge target catchment as it is within the vicinity of other matured neighbourhoods such as Taman Setia Indah, Taman Daya, Taman Mount Austin, Bandar Dato’ 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.
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