MAH Sing Group Bhd, one of Malaysia’s top property developers, is focusing on launching more mid-range or affordable residential properties that are priced below RM1 million, in the next three years.
Its chief executive officer Ng Chai Yong said although the firm has mixed products ranging from various types of residential and commercial properties, it would launch more affordable homes to provide opportunity to first-time buyers.
Meanwhile, Mah Sing’s executive director, corporate and investment, Datuk Steven Ng Poh Seng, said the company’s future plan is in line with the government’s aim to encourage home ownership, especially among the middle-income earners.
“In the last two years, we have been accumulating land to develop townships to focus on the mass-market.
“Eighty seven per cent of our residential property launches are priced below RM1 million this year and next year over 84 per cent of our products will be below RM1 million,” he said at a media briefing after the groundbreaking ceremony of Mah Sing’s Southville City@KL South direct interchange access and the launch of Block C1 for Savanna Executive Suites, yesterday.
Southville City is a new master plan township of 173.20ha, expected to serve more than 230,000 catchment within Bangi and over 1.13 million catchment from the surrounding neighbourhoods such as Seremban, Kajang, Semenyih, Putrajaya, Cyberjaya, Nilai and Dengkil.
It is a sustainable mixed-use township development and has an estimated gross development value of RM8.3 billion.
Meanwhile, the direct interchange access from North-South Highway will provide access into and out of Southville City and it is estimated to be completed by 2018.
The completion is expected to coincide with the handing over of the vacant possession of Southville City’s first-phase development, the Savanna Executive Suites, which are 956 sq ft three-room apartments priced from RM350,000.
He is confident it will be sold out by the first quarter of next year.
~ By BUSINESS TIMES
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