Mah Sing Group Bhd is acquiring a combined 14.38 acres of land in Ampang, Selangor, for RM186.17 million, with plans to develop a residential project with an estimated gross development value (GDV) of approximately RM1.92 billion.
The property developer said its wholly owned subsidiary, Capitol Avenue Development Sdn Bhd, had on August 26 entered into three conditional sale and purchase agreements for the acquisition.
The first agreement is with Chin & Tan Holdings Sdn Bhd for a 30,477.84 sq m freehold parcel in Mukim Ampang, Hulu Langat, for RM109.9 million.
The second agreement, also with CTHSB, involves an 8,024.92 sq m leasehold parcel at Kampung Lembah Jaya Selatan, Bandar Ampang, for RM12.717 million.
The third agreement is with Destar Nurani (M) Sdn Bhd for a 19,681 sq m freehold parcel in Bandar Ampang for RM63.553 million.
Mah Sing said the proposed acquisition reflects its continued confidence in Ampang as an established residential market in the Klang Valley.
The acquisition will mark the group’s third development in Ampang, following M Suites and M City, both of which have been fully sold.
The group plans to develop the newly acquired land into M Araya, a residential project featuring flexible layouts. Subject to approvals from the relevant authorities, the development is expected to have an estimated GDV of RM1.92 billion.
However, as the proposed development plans have yet to receive approval from the relevant authorities, the total development cost and expected profit from M Araya have not been determined at this stage.
