Initial artist impression of M Luna in Kepong
KUALA LUMPUR: Mah Sing Group Bhd (Mah Sing) has acquired 5.47acres of prime land in Mukim Batu, Taman Metropolitan, Kepong pushing the developer’s prime landbank to 2,104 acres.
Its managing director Tan Sri Leong Hoy Kum said, “This is our second land acquisition for 2019, and this deal reflects Mah Sing’s ability to acquire reasonably priced prime lands which are ready for quick-turnaround.” The land is ready for immediate development as it comes with approved development order (DO), he said.
The land, acquired for RM94mil, is slated for Mah Sing’s latest project M Luna, which has an estimated gross development value (GDV) of about RM705mil.
The project is located 200meters from the 235-acre Kepong Metropolitan Park which includes a 140-acre lake. It is next to the Middle Ring Road 2 (MRR2), which will provide residents with direct access to the project.
The new project, M Luna is planned for a registration of interest exercise in the fourth quarter of 2019, which would allow the group to ride on the extended timeline for the national Homeownership Campaign (HOC).
Based on preliminary plans, M Luna has two blocks of serviced apartments with a “luxury you can afford” concept. The most affordable units would have indicative built-ups from 700 sq ft and estimated starting price from RM385,000.
The project will also enjoy a large captive market as the land straddles the populated and established neighbourhoods which are accessible via major highways and trunk roads. Kepong, Taman Selayang Jaya, Batu Caves, Bandar Menjalara, Segambut, Taman Seri Gombak and Sentul are all within a 3km radius of the project.
To date, the total GDV of Mah Sing’s landbank and its unbilled sales stands at RM25.84bil, which can sustain growth over the next eight to nine years.
The group currently sits on a balance sheet with cash and bank balances of RM1.3bil for the quarter ended 31 March 2019, which will allow the group to drive its key strategy in replenishing land banks, especially in the Klang Valley area.
