KUALA LUMPUR: Property developer Mah Sing Group Bhd has sealed its third land purchase for 2019, following the purchase of a 4.52 acres land at Wangsa Melawati, Setapak for RM61.97 million.
This parcel, which comes with a development order, is planned for a two block affordable residential development.
In a statement here today, Mah Sing said this deal comes after two land purchases this year, now known as M Oscar (Kuchai Lama) and M Luna (Kepong).
The M Adora site is located 800m from the Middle Ring Road 2 (MRR2) with direct access from Jalan Wangsa Melawati 1.
It is also just a 900m walk from Wangsa Maju Mall’s covered walkway to Sri Rampai LRT (light rail transit) station.
Mah Sing said the new development will have an estimated gross development value (GDV) of RM378 million.
The group’s expansion drive is underpinned by its healthy balance sheet with cash and bank balances of RM1.3 billion for the quarter ended March 31, 2019.
The most affordable units would have an indicative built up from 850 sq ft and indicative starting price from RM468,000. The project will be developed over a span of four years.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum believes M Adora will be able to match the current market demand for affordable housing that comes with ample amenities.
“This is what we call luxury you can afford,” said Leong.