Property News

Mah Sing buys RM32m land for third project in Sentul

KUALA LUMPUR (Jan 21): Mah Sing Group Bhd (KL:MAHSING) is purchasing a 2.78-acre prime land in Sentul here for RM32 million, where it plans to develop its new RM283 million residential development project dubbed M Aria.

The new project marks Mah Sing’s third development in Sentul and is estimated to carry a gross development value (GDV) of RM283 million, according to the property developer’s bourse filing.

Mah Sing’s wholly owned unit Klassik Tropika Development Sdn Bhd has inked a sale and purchase agreement with vendors for the land purchase. The land purchase is expected to be completed by the second half of 2025.

Elaborating on the project’s RM283 million GDV, Mah Sing said M Aria will comprise apartments measuring 800 sq ft and 950 sq ft indicatively priced from RM498,000.

With the project’s proposed development plan still pending submission to authorities, Mah Sing said it is too preliminary to ascertain its total development cost and expected profits.

“Subject to market conditions and the relevant authorities’ approvals, the project is expected to be developed over four years and the registration of interest is targeted to be in the second half of 2025,” it said.

Mah Sing said the M Aria is poised to replicate the success of its two other Sentul developments, M Centura and M Arisa, both of which were fully sold.

“Mah Sing is confident that M Aria will be another fast-turnaround project, further enhancing the group’s earnings while contributing to delivering value to its customers,” it added.

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Source: EdgeProp.my