KUALA LUMPUR (August 28): Mah Sing Group Bhd has acquired an 88.7-acre tract in Puchong for its largest integrated mixed development with a potential gross developmental value (GDV) of RM9.3 billion for approximately RM656.9 million.
In a statement Thursday, Mah Sing said the vendor had also agreed to grant Mah Sing the right for an additional 170.58 acres next to the land, for sale or joint venture subject to terms and conditions to be mutually agreed upon.
It said the piece of land was located in the Puchong CBD, behind IOI Mall near the LakeEdge development, and is expected to be completed within 10 years’ time.
With the land acquisition and the agreement for the additional piece of land, Mah Sing’s landbank would increase to 3,890 acres with a potential total GDV and unbilled sales of approximately RM66 million.
Mah Sing group managing director cum CEO Tan Sri Leong Hoy Kum said Puchong was a development hotspot and there were no more sizeable pieces of land in the vicinity which would allow the company to plan the type of masterplan it had envisioned for this project.
He said the development would include executive suites, office towers, retail lots, shop offices, a retail mall and a hotel, with 800 metres of the land fronting a 160 acre lake and 550 metres fronting Sungai Kelang.
The group said that accessibility to the development will not be an issue due to an integrated network of trunk roads and highways including the Lebuhraya Damansara-Puchong (LDP), Shah Alam Expressway (KESAS) and the Bukit Jalil Highway.
Five LRT stations are also located within a two kilometre radius of the land, which will be present after the completion of the LRT Extension project in 2016.
“We wanted to create a product that is suitable for the mass market of youngsters and upgraders, who want to stay in the CBD areas and enjoy the amenities and connectivity.
“Transportation linkages - highways and public transport like LRT makes it appealing for these people to invest in a service residence such as a professional executive suite, and still be able to work in town,” said Leong.