KUALA LUMPUR: Mah Sing Group Bhd is paying RM656.9 million for 35.66ha in Puchong, Selangor, and plans to develop it into an integrated mixed project boasting RM9.3 billion in gross development value (GDV), which will be the group’s largest project.
It is the first plot out of 104.23ha near IOI Mall in Puchong that Mah Sing has agreed to buy, or jointly develop, from an unnamed vendor.
“Puchong is a development hotspot and we believe there are no more sizable pieces of land in the vicinity that would allow us to plan the type of impressive master plan that we have envisioned for this project.
“Accessibility would be nearly second to none, with five LRT stations within a 2km radius of the land once the LRT extension project is completed within the next two years,” Mah Sing Group managing director and chief executive Tan Sri Leong Hoy Kum said in a statement yesterday.
The RM656.9 million paid by Mah Sing for the land is equivalent to RM170 per sq ft.
The vendor has agreed to grant Mah Sing the right for sale or joint venture for an additional 35.66ha next to the plot, which is situated behind IOI mall.
The integrated mixed development is expected to be completed within 10 years. The reasonable land cost is equivalent to 7.1 per cent of the estimated GDV.
“This new plot is more than seven times bigger than Lakeville, with 800m of the land fronting a lake, and 550m fronting Sungai Kelang. We are understandably excited about the opportunities in developing the master plan for this project. The terrain of the land is also generally flat, which may ease the planning process of the integrated commercial hub,” said Leong.
The project will have serviced residences, office towers, retail lots, shop offices, a retail mall and a hotel.
With the new acquisition, Mah Sing’s landbank would increase to 1,563.78ha with a potential total GDV and unbilled sales of RM66 billion.
~ By BUSINESS TIMES
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