PETALING JAYA: Mah Sing Group Bhd is continuing its land acquisition spree, this time in Negri Sembilan, involving 425.3ha in Mukim Rantau, Seremban for a cash consideration of RM359.56mil
The proposed acquisition by Mah Sing’s wholly owned unit Grand Prestige Development Sdn Bhd will mark the group’s maiden foray in the state.
In a filing with Bursa Malaysia, Mah Sing said it was planning a mixed-development project with an estimated gross development value (GDV) of RM7.5bil on the site.
“With this acquisition, the group will have about 566.5ha of land south of Kuala Lumpur and will be better positioned to reach out to a broader range of customers by offering products suitable for the mass and upgrader markets,” Mah Sing said in a statement.
The development will be Mah Sing’s biggest in the south of the Klang Valley.
The group expects to complete the land acquisition in the first half of 2015.
It said the planned township in Seremban, spanning between seven and eight years, would replicate its Southville City in Bangi and will comprise two-storey terrace and superlink units, semi-Ds, bungalows and commercial properties.
“Traditionally, developments along the North-South Expressway have always done well.
“We see (many) similarities between this new project and our well-received Southville City project which is also sited and has a long frontage along the North-South Expressway,” said Mah Sing group managing director cum group chief executive Tan Sri Leong Hoy Kum.
The land is located further south from Southville City along the North-South Highway, with a 2.5km frontage along the highway.
It is located 8km from the Senawang toll plaza and 2km from the Sungai Gadut KTM Komuter Station, which has more than 50 daily trips connecting directly to KL Sentral and Rawang. Mah Sing said it would be building a proposed interchange with direct access to the land to complement the group’s overall master development strategy.
The group said the proposed interchange will be the first interchange after the Pedas toll, linking those who travel from the south of Peninsular Malaysia to Seremban.
“It will also enable residents to access the newly-proposed Senawang-KLIA Highway which will cut the travelling time to the Kuala Lumpur International Airport (KLIA) and the new low cost terminal, KLIA2 by half,” Mah Sing said.
With the acquisition, Mah Sing’s landbank would increase by more than 35% to 1,485ha worth more than RM41bil in GDV.
As at 31 March, the group has remaining GDV and unbilled sales of approximately RM33.5bil, which are spread out within the Klang Valley, Johor, Penang and Sabah.