The 108,000ha MVV project covers Nilai, Port Dickinson and Seremban to complement the development of the Klang Valley, particularly Kuala Lumpur and Putrajaya.
“Mah Sing’s Seremban township land covers 960 acres of freehold land with a gross development value (GDV) of RM7.5 billion, and its future occupants will stand to benefit greatly from the close proximity to MVV,” said Mah Sing group managing director Tan Sri Leong Hoy Kum in a statement.
Under the 11MP, the government plans to continue its efforts to raise commercial property ownerships among bumiputra as well as diversify the portfolio of investment of Amanah Saham Bumiputera into property investment.
Leong noted that this policy could directly help increase “Mah Sing’s target market as well as gain exposure in the bumiputra market.” Notably, 40 percent of the group’s projects are commercial properties, which include Festival Lakecity, Puchong, Bandar Meridin East, Johor Baru and Southville City@KL South.
Moreover, the establishment of the Bumiputera Commercial Property Revolving Fund will greatly help bumiputra entrepreneurs own commercial properties.
He expects the government’s initiative in enabling bumiputra institutions acquire unsold bumiputra lots within new property developments and rent them out until they find interested bumiputra buyers to benefit developers in respect to sales and cash flow, since it will reduce the burden of developers.
The 11MP also targets to raise the Bottom 40’s mean monthly household from RM2,537 to RM5,270 by 2020. This will elevate the said households to the mid-class category, increasing their opportunity for homeownership.
“For 2015, 84 percent of Mah Sing’s planned residential launches will be priced below RM1 million, 71 percent of which are below RM700,000 and 44 percent of which are below RM500,000 to meet market demands,” said Leong. - Property Guru
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