02 June 2014

Mah Sing project GDV jumps

  02 June 2014

By BUSINESS TIMES
SOUTHVILLE CITY: Tweaked master plan boosts gross development value to about RM8.3b
MAH Sing Group Bhd’s 171.2ha Southville City project has seen its gross development value (GDV) leap to an estimated RM8.3 billion, from RM5.13 billion, due to a tweaked master plan.
The master plan, which was approved by the local authori-ties a few days ago, adds a sliver of office buildings facing a 2km stretch of the North-South Expressway, harnessing the acces-sibility of the heavily-used highway.
Mah Sing Group managing director and group chief executive Tan Sri Leong Hoy Kum said the office buildings will target government-linked companies and MSC-status companies.
“The GDV of RM8.3 billion stretches over a period of seven years when the completion of the project will see the full value realised,” he said.
Leong also said a new interchange from the North-South Expressway will link up with Southville in Bangi and is expected to be completed in 42 months.
“The new dedicated direct interchange from the North-South Expressway will be 30 minutes from Kuala Lumpur city centre by car,” he said.
He said the current MRT project, which extends to Kajang, could see the possibility of adding Bangi into the rail network.
“Bangi is next to Kajang and it is possible that the MRT may be extended to Bangi in the fu-ture. Bangi is a well-established township and there are nume-rous PKNS houses and there is also an industrial park,” Leong said at the preview of Mah Sing Group’s Avens Residences in Southville.
The freehold link houses comprise two-and-a-half and three-storey link units priced at between RM892,800 and RM1,232,800 each.
“Avens Residences is suitable for growing families and we are targeting the ‘beginner market’ and the ‘upgrade market’. The upgraders are looking at providing space for their extended families in one house — a three-generation concept targeting grandparents, parents and their children,” said Leong.
Phase I of Southville City saw the launch of 1,500 units of the Savanna Executive Suites, which generated RM600 million in sales.

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