Mah Sing eyes more landbank (8583)

Property developer Mah Sing Group Bhd is looking to acquire more
landbank in the Klang Valley, Johor Baharu, Kota Kinabalu and Penang.

Group
managing director cum group chief executive Tan Sri Leong Hoy Kum said
the four areas are chosen due to the group's existing business in the
locations and high demand for property driven by rapid development.

"Our
business model has a quick turnaround. We keep selling fast and we keep
searching for new land," he told reporters after the company's annual
general meeting here today.

At the meeting, shareholders voted
in favour of the acquisition a piece of land in Bangi measuring about
166.7 hectares (ha) worth RM333.04 million.

He said including
the land acquisition in Bangi, the group has acquired some 193ha of
landbank worth about RM400 million this year including in Rawang and
Kota Kinabalu.

To date, the company has a total landbank of 485ha with remaining gross development value (GDV) of RM18.04 billion.

On
the land in Bangi, he said it would be developed into a mixed
development township called Southville City township, comprising landed
residential, small office/home office and commercial properties.

The
project, scheduled to be launched in the first quarter of next year and
expected to be fully completed within eight years, has already
attracted 3,500 registrants during its pre-registrations, Leong said.

He
said the project, which has an estimated GDV of RM2.15 billion, is
expected to contribute to group turnover from the fourth quarter of
next year and onwards.

Leong said for the initial stage, it
would develop affordable houses using Soho and terrace concepts with a
starting price of RM208,000 and RM530,000 respectively, targeted at
first-time home buyers and young executives. Bernama