Mah Sing has announced that it proposes to acquire 500 acres in Beranang Ulu Langat from Petaling Garden for a purchase consideration of RM392 million.
The group will then propose to develop the area which will be its largest township development in Klang Valley named Glengowrie Estate. The integrated township it said will be developed with double storey landed, well planned amenities and commercial lots. The residential homes will be reasonably priced with an indicative starting price from RM446,800. This aligns well with the Group’s current strategy of focusing on affordable landed homes in the suburban areas and affordable high rises in the central business district (“CBD”) areas. The estimated gross development value (“GDV”) of the Proposed Development is approximately RM3.3 billion.
The freehold Land is situated in Semenyih, Selangor, one of the fastest growing areas in Greater Kuala Lumpur or the Klang Valley’s southern corridor. The Land is located to the south of Eco Forest and to the east of Bandar Tasik Kesuma. The Land also borders the Seremban district. Including Ulu Langat and neighbouring districts like Sepang and Seremban, the total population catchment is more than 2.4 million.
Mah Sing intends to fund the costs and expenses related to the proposed acquisition and the Proposed Development through a combination of internally generated funds and bank borrowings.
The Proposed Acquisition it said was is in line with its strategic plans to increase its presence in the Greater Kuala Lumpur key growth corridors.
