Mah Sing Group Berhad has acquired a new prime land in Mukim Setapak, Kuala Lumpur measuring approximately five acres for RM89 million. This marks the property developer’s second land deal this year.
The land has 3 frontages facing Jalan Usahawan 5, Jalan Kilang and Jalan Usahawan 6, and is just 600meters off Jalan Genting Kelang which is a major trunk road in Kuala Lumpur.
This new acquisition to be named as M Astra is about 3km from the Group’s well-received M Adora in Wangsa Melawati and is targeted for registration of interest in the third quarter of 2021.
Based on preliminary plans and subject to authorities’ approval, M Astra which has an estimated gross development value (GDV) of approximately RM618million will be a mixed development comprising 2 blocks of serviced suites.
The project is planned to have 3-bedroom and 4-bedroom units, with indicative built-up ranging from 850sq ft to 1,030sq ft, and will be affordably priced with indicative starting price from RM399,000.
This proposed mixed development also features some retail lots with plans to accommodate drive through F&B outlets.
Mah Sing’s Founder and Group Managing Director, Leong Hoy Kum said, “M Astra is our second land deal of the year and also our first pocket land acquisition since we acquired M Oscar, M Luna and M Adora in 2019. The land acquisition of M Astra is timely as we foresee that the recovery of property market is gaining momentum and we wanted to be ready to seize the opportunity to meet the home buyers’ need for affordably priced projects.”
M Astra is expected to leverage on a huge target catchment as it is within the vicinity of matured neighbourhoods such as Danau Kota, Desa Setapak, Setapak Jaya, Wangsa Maju, Taman Melati, Titiwangsa and Setiawangsa..
“We believe that first-time home buyers and upgraders from surrounding areas who want to stay near the central business district will find M Astra very attractive and convenient as we plan to have retail elements within the mixed development.
“M Adora has received a positive take-up rate of 73% for its two towers in less than 10 months from its launch last year, showcasing strong interest in the location. The Group also had a successful commercial project named StarParc Point nearby which was launched in 2009 and fully sold out,” he added. The Group will continue to scout for more strategically located lands, with Greater Kuala Lumpur and Klang Valley being the focus areas.
