Mah Sing Embarks On Biggest Freehold Township Development South of Klang Valley, has an estimated total Gross Development Value (GDV) of approximately RM7.5 billion, will offer landed residences starting from RM350,000

Seremban - Following the success of Southville City’s recent launch, Mah Sing Group Berhad’s (Mah Sing) yesterday acquired its biggest township development south of Klang Valley in the growing city of Seremban for approximately RM359.56 million. The land is held under a title measuring approximately 1,051 acres and is subject to acquisitions by authorities amounting to approximately 91 acres, and will not form part of the Group’s acquisition.

The Land is strategically located further south from Southville City along the North-South Highway, with a 2.5-km frontage along the highway. The Land is located 8km from the Senawang toll plaza and 2km from the Sungai Gadut KTM Komuter Station which has more than 50 daily trips connecting directly to amongst others, KL Sentral and Rawang. Mah Sing will be building a proposed interchange with direct access into the Land to further enhance the accessibility and connectivity of the township, complementing the Group’s overall master development strategy. The proposed interchange will be the first interchange after the Pedas toll, linking those who travel from the south of Peninsular Malaysia to Seremban. It is a catalyst to the southern Seremban growth corridor, creating more business opportunities for the development. It will also enable residents to access the newly proposed Senawang-KLIA Highway which will cut the travelling time to the Kuala Lumpur International Airport (KLIA) and the new low cost terminal, KLIA2 by half.

The Land will tap on a ready market catchment of nearly 1 million from Negeri Sembilan which includes Rantau, Rembau, Port Dickson, Kuala Pilah, Tampin, Jelebu, Pedas and even neighboring Malacca. Meanwhile, in the southern region of Seremban alone, a ready catchment of nearly 500,000 population await for a well-planned township, offering new homebuyers and upgraders the chance to own a home that meet their needs. The burgeoning population and workers driven by nearby various industrial parks (Senawang Industrial Park, Senawang Light Industrial Area, Senawang Business Park, Tuanku Jaafar Industrial Park); medical centres (Tuanku Jaafar Hospital, Mawar Renal Medical Centre and the Columbia Asia Medical Centre); students and teachers from the boarding schools and universities (Sekolah Dato’ Abdul Razak, UCSI International School, Universiti Sains Islam Malaysia, Inti International University and Nilai University College) and the close proximity to the Sungai Gadut KTM Komuter station with direct link to KL Sentral are also supportive factors that bode well for its development prospects.

Additionally, recreational destinations surrounding the Land include golf courses (Tuanku Jaafar Golf & Country Club and Paradise Valley Golf Course), hypermarkets (Tesco Extra Seremban Jaya and Carrefour Taman Rahang) and natural attractions (Port Dickson and Pedas Hotsprings, Pedas-Linggi).

With this acquisition, the Group will have approximately 1,400 acres of remaining land south of Kuala Lumpur and be better positioned to reach out to a broader range of customers by offering products suitable for the mass and upgrader markets. The proposed development will target the growing middle class from the population of Klang Valley to Seremban (i.e. Nilai, Kajang, Putrajaya and Cyberjaya) and also the upgraders from the surrounding neighborhoods (i.e. Rantau, Rembau, Port Dickson, Kuala Pilah, Tampin, Jelebu, Pedas and even neighboring Malacca). The township will provide affordable quality homes with amenities, in-line with the Group’s strategy to provide quality homes at affordable prices, where 87% of the Group’s new residential launches in 2014 are priced below RM1,000,000.

Township Development to Replicate the Success of Southville City@KL South

The acquisition of the Land is to cater for the bourgeoning demand for the mass market, affordable quality homes which Mah Sing experienced with their Southville City and other township projects. The recent Southville City launch saw an above 80% take-up rate for the first phase of Savanna Executive Suites serviced residences and 2½-storey Avens Residence Superlink Homes. This demonstrates the large catchment area for affordable homes in the south of Klang Valley. The new Land which is located slightly further south from Southville City, will not only cater to its spillover demand but also its ready catchment (i.e. Rantau, Rembau, Port Dickson, Kuala Pilah, Tampin, Jelebu, Pedas and even neighboring Malacca) for an opportunity to a larger portion of the Klang Valley population to afford a lifestyle home.

Mah Sing’s Group Managing Director cum Group Chief Executive, Tan Sri Dato’ Sri Leong Hoy Kum said, “We are excited about this new project. North- South Expressway is the main artery that connects the West coast of Peninsular Malaysia. Traditionally, developments along the North- South Expressway have always done well. We see a lot of similarities between this new project and our well received Southville City project which is also sited and has a long frontage along the North- South Expressway.”

“This new township stands to benefit from the Klang Valley National Key Economic Area (NKEA) transformation plan due to its location at the entrance of the Klang Valley corridor, proximity to KLIA and KLIA 2, Putrajaya administrative centre, Cyberjaya and given the strategic location of the Land where the potential for current and new demand surrounding Seremban such as Rantau, Rembau, Port Dickson, Kuala Pilah, Tampin, Jelebu, Pedas and even neighboring Malacca is tremendous. Additionally, the existing and proposed infrastructure such as Sungai Gadut KTM and KL-Singapore High Speed Rail (HSR) will allow higher visibility and accessibility from both northbound and southbound traffic, creating thriving business opportunities, good yields and potential capital appreciation,” added Tan Sri Dato’ Sri Leong Hoy Kum.

The proposed KL-Singapore High Speed Rail (HSR), which cuts down travel time between the two capitals to 90 minutes from the 4 hours currently and has Seremban identified as a potential intercity stop, will act as a major catalyst to the growth of this Land. In fact, the potential of Seremban due to the spillover effect of the Klang Valley conurbation growth is likely to create a high demand for housing. This growth will also reach the surrounding neighborhoods like Rantau, Rembau, Port Dickson, Kuala Pilah, Tampin, Jelebu, Pedas and even neighboring Malacca. Moreover, the proposed interchange will ease the commute of the group of buyers who prefers landed properties and do not mind a slightly longer commute in order to enjoy better value pricing.

Right Products at the Right Location & Timing

With all the growth factors around this proposed township, Mah Sing is planning to kick start the registration of interest in the beginning of 2015. The township is estimated to be completed within a span of 7 to 8 years.

This mixed development township, with a focus on the first time homebuyers and starter homes, will offer 2-storey terrace homes and Super Link homes with an exclusive selection of Semi-Ds and bungalows for the upgraders. The gated and guarded township, which has an estimated total Gross Development Value (GDV) of approximately RM7.5 billion, will offer landed residences starting from RM350,000, with most products appealing to the mass market and cater for the pent-up demand for affordable quality homes. A Residents’ Clubhouse and commercial components will be included to provide for the daily needs of the residents.

Tan Sri Dato’ Sri Leong Hoy Kum mentioned, “Given the size of the project, we plan to create a new township encompassing environmental friendly and modern lifestyle features coupled with well-connected infrastructure. Tapping on our masterplan expertise, we are confident that there is a lot of potential that the Group can extract from this development. We are confident we will have good differentiation with the right products, such as affordable quality homes with practical facilities and amenities like hard and soft landscape features to set us apart from other townships.”

Amassing land to more than 3,670 acres

Arising from the Land acquisition, Mah Sing’s landbank would increase by more than 35% to 3,670 acres with a total GDV and unbilled sales of more than RM41 billion.

The Group with its excellent track record of identifying prime landbanks will still actively search for more strategic landbanks which fit well with market demand trends.

Credit: https://www.coassets.com