KUALA LUMPUR: Mah Sing Group Bhd today said it plans to develop a RM1.45 billion gross development value called M Tiara 2, on a 40.6 hectare land it bought today.
The land is located 400 metres away from its existing development, M Tiara.
Mah Sing's unit Venice View Development Sdn Bhd, signed a conditional sale and purchase agrement with Amanah Raya Bhd for the land for RM103.7 million today.
Mah SIng in its filing with Bursa Malaysia Securities said M Tiara 2 will be a township comprising double storey terrace and double storey cluster homes, with indicative prices from RM771,600. There will also be a serviced apartment with units indicatively priced from RM253,000 along with double-storey shops.
Registration of interest is targeted to start in the first quarter of 2025.
The acquisition marks the group's second land deal in 2024.
Mah Sing will fund the deal through a combination of internally generated funds and bank borrowings.
Mah Sing said the proposed acquisition reflects Mah Sing's strategic response to the projected growth in Johor's property market, driven by upcoming infrastructure projects such as the Johor Bahru-Singapore Rapid Transit System (RTS) and potential revival of the KL-Singapore high-speed rail.
Additionally, the development plan for the JohorSingapore Special Economic Zone is expected to further stimulate economic activity, attracting more residents to Johor.
Mah Sing said combined with the strength of the Singapore dollar, it establishes a favorable market landscape for M Tiara 2.
Mah Sing' share price was up 0.8 per cent to RM1.26 a share, giving it a market capitalisation of RM3.1 billion.