KUALA LUMPUR: MAH SING GROUP BHD [ MAHSING 0.000 0.000 (0.000%) Stock Summary
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] has acquired a 115-acre piece of land in Cyberjaya and plans to undertake high-end residential development project with a gross development value (GDV) of RM690 million.
Managing director and CEO Tan Sri Leong Hoy Kum said on Aug 12 the land was acquired for RM130.5 million and would be used for medium to high end residential development.
"As the residential PROPERTIES [ PROPERTIES 793.170 -2.980 (-0.374%) Stock Summary
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] in Cyberjaya comprise mainly medium range apartments and bungalow lots, we believe there is a pent-up demand for gated and guarded landed properties," he said.
Mah Sing also has the option to purchase 6.32 acres of adjacent commercial land at RM79 per sq ft within six months from the date of the signing of the sales and purchase agreement.
"We are bullish about the future of Cyberjaya," Leong added. Together with this project, named Garden Residence, Mah Sing has a total of 17 projects with remaining GDV and ubilled sales of approximately RM4.4 billion.
Year-to-date, the group has achieved sales of RM543 million, exceeding its full year sales taerget by 1.2 times. The group's unbilled sales stood at RM800 million and would take about two to three years to be realised.
It was also looking at acquiring more landbanks in the Klang Valley and hoped to conclude about three to four deals by this year end.
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