KUALA LUMPUR (Jan 14): Mah Sing Group Bhd's M Vertica project has achieved a take-up rate of 92% for the first three towers.
In a statement today, the developer said it celebrated its first topping up ceremony of the year for M Vertica’s Tower A in Cheras, signifying the completion of the tower's structure.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said, "M Vertica has been one of our highlight projects since the initial launch of both Tower A and B back in 2018. We are pleased to kick start 2021 with the topping up ceremony of Tower A, which our home buyers of Phase 1 can expect to move in very soon in early 2023."
Leong said some choice units in Tower D are still available and the upcoming launch of Tower E is also expected to be happening in the second quarter of 2021 (2Q21).
“We hope interested homebuyers would grab this opportunity as they would be eligible to enjoy the benefits from our latest home with Mah Sing campaign, coupled with the property friendly incentives given by the government and the low-interest environment due to the record low overnight policy rate,” he added.
M Vertica has a gross development value of approximately RM2.2 billion, comprising five towers, three of which (Tower A, C and E) will be 54 storeys high while the rest (Tower B and D) will be 53 storeys high upon completion.
Mah Sing also announced that M Vertica Phase 1 has successfully recorded over 1.8 million safe man-hours without lost-time injury.
Meanwhile, Mah Sing chief executive officer Datuk Ho Hon Sang said the group is glad to celebrate these 1.8 million safe man-hours, and it remains on track to meet the delivery schedule for its homebuyers, notwithstanding the halt in construction works during the Movement Control Order last year.
“This reflects our dedication to ensure that M Vertica will be delivered on time by working closely with our contractors but also safeguard the welfare of our workforce on site as well,” he said.
Construction progress of M Vertica’s Phase 1, which comprises Tower A and B, is currently at around 65% and vacant possession is expected to be delivered in 1Q23, while construction progress of Phase 2, which consists of Tower C, D and E, has reached approximately 45%.
“Moving forward, we are optimistic with our ongoing projects including M Vertica as we have seen promising take-up rates in line with the local economic recovery. We believe we are able to cater for different market needs through the right product mix as our projects are located in strategic locations across the cities.
“We are confident that these will bode well with all the various initiatives introduced by the government especially to stimulate the property industry,” Ho said.
Mah Sing is also expected to celebrate another topping up for M Centura within the first quarter of the year.
At midday break, Mah Sing shares were unchanged at 85.5 sen, for a market capitalisation of RM2.08 billion.