Mah Sing Group is buying about 85.43 acres of fairway in Sultan Salahuddin Abdul Aziz Shah Golf Course in Shah Alam for RM327.4mil for a high-end residential property project.
It said on Thursday the total consideration was about RM327.4mil or RM88 per square foot (psf).
“The land is nearby Stadium Melawati, better known as Stadium Shah Alam and the development is expected to yield a gross development value (GDV) of approximately RM2.5bil.
“Together with this new acquisition, the group has remaining GDV and unbilled sales of approximately RM31.26bil, which would sustain the Group for the next seven to eight years,” it said.
Mah Sing group managing director Tan Sri Leong Hoy Kum said the development was targeted to be launched in 2016.
“It is seen as replenishment for the upgrader market and those looking for sustainable living surrounded by Mother Nature. This is undulating golf course land, and we will create a hybrid of our high-end Lagenda and medium high-end Residence series of properties,” he said.
Leong said this project would continue to showcase its signature well-built, environmentally friendly homes that meet market needs and lifestyle demands.
