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PETALING JAYA: Mah Sing Group Bhd is acquiring freehold land in Mukim Tebrau, Johor Baru, for RM39.29mil.
The property developer said the 6.938 acres of prime land is located in Taman Seri Austin, next to an existing McDonald’s drive-through.
The land is accessible via Persiaran Eco Cascadia, it said in a statement yesterday.
“This new acquisition, to be named M Minori, has an estimated gross development value of approximately RM469mil.”
Based on preliminary plans and subject to authorities’ approval, Mah Sing said M Minori will be a mixed development comprising three blocks of serviced suites with one, two and three-bedroom units with an indicative built-up ranging from 550 sq ft to 880 sq ft.
Mah Sing said the units are affordably priced with an indicative starting price of RM260,000.
“It is about 6.5km from Mah Sing’s Johor office in the mature township of Austin Perdana and is targeted for registration of interest in the fourth quarter of 2022.
“This proposed mixed development also features some retail lots with plans to accommodate drive-through food and beverage outlets.”
The acquisition marks Mah Sing’s first land deal for this year.
The company said it is encouraged by the success of the M-series affordable apartments in city centres and landed link homes in suburban areas.
“The group will continue to scout for similar land to develop affordable homes, prioritising land that can generate returns with turnaround efficiency.”
Mah Sing said part of the land cost for M Minori will be funded by proceeds from the recent disposal of a small piece of land in Permatang Tinggi in mainland Penang.
“This is a strategic decision to focus more on good take-up and shorter turnaround M-Series type of residential land for development of affordable properties that are in line with market demand.
“In addition to the Klang Valley, Johor and Penang, other locations on the group’s radar include the high-growth corridors of Seremban, Melaka and Perak.”
In the same statement, Mah Sing founder and group managing director Tan Sri Leong Hoy Kum noted that M Minori is in the heart of the established Austin community.
“This means buyers will be able to easily access educational institutions, medical centres, shopping outlets and more.
“We believe that first-time home buyers from the surrounding areas who want to stay near the central business district will find M Minori very attractive and convenient.”
He added that M Minori is expected to leverage on a huge target catchment, as it is within the vicinity of matured neighbourhoods such as Taman Seri Austin, Taman Setia Indah, Taman Daya, Taman Mount Austin, Bandar Dato’ Onn and Taman Desa Tebrau.