Mah Sing wishes had entered into a joint venture agreement with Liberty Triangle Sdn Bhd to develop a 4.88 acre land in KL for a total consideration of RM85 million.
The Land comes with the benefit of approved development order with one of the DO approved with plot ratio of 1:6. The land title is also converted with category of land use “Bangunan”. Land premium has been paid and earthworks are partly completed. Payment for the JV Consideration is deferred and staggered where part of the JV Consideration is payable 18 months from the date of the JVA, and the balance upon completion and after vacant possession of Development units as
The Group considers Kepong its stronghold area and is confident of replicating the past successes of its projects there. Directly fronting the Kepong Metropolitan Lake that is part of the 250-acre Kepong Metropolitan Park, the mixed residential development named “M Zenya” is next to the retail project Keponggi Square and within a 1km radius from Mah Sing’s M Luna, 3km radius from M Nova and 5km radius from Lakeville Residence.
Lakeville Residence and M Luna have been a sell-out projects for the Group in Kepong. Lakeville Residence was completed in 2018 and M Luna was launched in June 2020. The Group looks forward to the upcoming launch of the third project in Kepong, M Nova that is planned for this year. M Nova has attracted overwhelming registration of interests and as such the Proposed Joint Venture is timely and opportunistic to further solidify the Group’s footprint in Kepong and to leverage on the spill-over demand from the existing projects.
Based on preliminary plans and subject to authorities’ approval, the Proposed Development is expected to be a mixed residential development with an estimated Gross Development Value (“GDV”) of approximately RM500 million. It shall comprise of 2-bedroom, 3-bedroom and 4-bedroom residential units, with indicative built-up ranging from 718sq ft to 1,067sq ft, as well as commercial or retail lots. The most affordable residential units’ indicative starting price is RM420,000.
The Proposed Joint Venture marks the Group’s fourth land deal in 2023, with total combined estimated GDV of approximately RM5 billion.
