Mah Sing Group Berhad announced the acquisition of another 100.4 acres of freehold land in Mukim Pulai, Johor Bahru for
RM103.7 million. The acquisition comes after the developer purchased a 75.7 acres land named as M Tiara in June 2023, which is approximately 400 metres away from the newly acquired land.
The acquisition marks the developers second land deal in 2024. To be named M Tiara 2, the land is planned for the development of double-storey linked homes, a serviced apartment and double-storey shops, with an estimated gross development value of approximately RM1.45 billion. Armed with a robust balance sheet and ample liquidity with year-end cash, bank balances, and short-term investments of RM981.3 million and a low net gearing ratio of 0.08x as at 31 December 2023, the Group will continue its acquisition of strategic lands in Klang Valley, Johor and Penang.
Based on preliminary plans and subject to authorities’ approval, M Tiara 2 is envisioned to be a township comprising double-storey terrace and double-storey cluster homes with indicative built-ups of 22’/24’x70’ and 34’x70’/75’ respectively, and with indicative starting price from RM771,600. There will also be a serviced apartment with units indicatively priced from RM253,000. Registration of interest is targeted to commence in the first quarter of 2025.
