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BUSINESS

Mah Sing buys land in Johor to develop RM469 mln GDV mixed development project

28/06/2022 06:48 PM

KUALA LUMPUR, June 28 (Bernama) -- Mah Sing Group Bhd has acquired freehold land in Johor for a mixed development project with an estimated gross development value (GDV) of RM469 million. 

In a statement today, Mah Sing founder and managing director Tan Sri Leong Hoy Kum said the new acquisition in Mukim Tebrau, measuring 2.8 hectares, marks the company’s first land deal this year, as well as part of expanding its presence in Johor Bahru. 

“Encouraged by the success of our M-series affordable apartments in city centres and landed link homes in suburban areas, the group will continue to scout for similar acquisitions to develop affordable homes, prioritising properties that can generate returns with turnaround efficiency,” he said.

Leong added that part of the newly acquired land, which is to be named M Minori, will be funded by proceeds from the recent disposal of a parcel of land in Permatang Tinggi, Penang. 

He noted that the land deal was part of the group’s strategic decision to focus on good take-up and shorter turnaround M-Series type of residential properties for the development of affordable homes that are in line with market demand.

The property developer is eyeing the high-growth corridors of Seremban, Melaka and Perak, apart from  Klang Valley, Johor and Penang, for its future endeavour. 

-- BERNAMA


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