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PETALING JAYA (Nov 30): Mah Sing Group Bhd planned to launch M Nova mixed development in Kepong, Kuala Lumpur, with an estimated gross development value of RM790 million in the third quarter next year.
In a media statement today, the property developer announced its third land acquisition today (Nov 30), securing a piece of 8.09-acre plot with approved development order (DO) in Kepong for RM95 million.
According to the company, the land cost of RM95 million is inclusive of 50% of the relevant development charges, deposit and contribution of Improvement Service Fund (Roads & Drains) pursuant to the DO paid by the vendor to the relevant authorities.
In its preliminary plan, the development comprises serviced residences with indicative built-up sizes ranging between 700 sq ft and 1,000 sq ft (priced from RM318,000), and some retail units. This will be Mah Sing’s third project in Kepong.
Mah Sing’s Founder and group managing director Tan Sri Leong Hoy Kum said the group’s previous projects in Kepong - M Luna and Lakeville Residence, have received strong take-up rate, this showed demand for residential properties in this area remained intact, for its amenities and easy accessibility.
“We will leverage the spillover demand from M Luna as well as the catchment from the surrounding neighbourhood by putting an irresistibly affordable price tag for M Nova, complementing the well-designed features we are developing. This is in line with our efforts to continue focusing on affordable range products under M-Series, meeting the needs of the mass market,” he added.
He observed that M Nova will be able to enjoy a large captive market as the land straddles the well-established neighbourhoods of Kepong, Taman Selayang Jaya, Batu Caves, Bandar Menjalara, Segambut, Taman Seri Gombak and Sentul, and is only 12.9km away from KLCC.
On top of this, M Nova is located 6.9km from the upcoming Metro Prima MRT2 Station, and 3.1km from the Taman Wahyu KTM station.
Meanwhile, Mah Sing announced the group recorded approximately RM1.28 billion sales in the first nine months this year, this also means the group has achieved 80% of its 2021 sales target of RM1.6 billion.
In the first nine months of 2021, Mah Sing registered a 65% increase in profit before tax (PBT) of RM166.4 million on the back of revenue of RM1.2 billion as compared to PBT of RM100.6 million and revenue of RM1.1 billion in the corresponding period a year ago.
The group attributes the improved sales to its M-Series of affordable high rises in the central business district and landed properties located in strategic locations with good catchment areas.
For instance, the group’s 2-storey link homes in Johor Bahru i.e Phase 1 of Erica@Meridin was fully taken up during its launch, and Phase 2 is now open to meet the demand.
Besides, M Adora in Wangsa Melawati which was launched last year also recorded strong take-up rates of approximately 90%.
In addition, Mah Sing has received overwhelming interest for its two newly acquired lands in 2021 – M Senyum in Sepang and M Astra in Setapak, which the Group targets to launch in the first half of next year.
Including all three new lands acquired to-date - M Senyum in Sepang, M Astra in Setapak and M Nova in Kepong, Mah Sing has a remaining landbank of 2,051 acres with a remaining GDV and unbilled sales of approximately RM24.98billion.
“Encouraged by the positive track record and rapid turnaround time of our projects, we are continuously eyeing for more land with Greater Kuala Lumpur, Klang Valley, Johor and Penang being the focus areas, as well as looking at other property hotspots in Seremban, Melaka and Perak to develop affordable landed homes.” said Leong.
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