Mah Sing Purchase 88.7 acres of Land in Puchong

Mah Sing Group Bhd today announced that it's subsidiary Mah Sing Group Ventures Sdn Bhd has proposed to purchase 88.7 acres of prime 99-year allowable leasehold land in Puchong, Selangor for RM656,896,779 or RM170 psf from Huges Development Sdn Bhd. The land is majority cleared and has a 800 metres frontage of a 160-acre lake with easy accessibility from major highways and within 2km radius from 5 upcoming LRT stations. The purchased land is approx. 7 times larger than the size of Lakeville Residence.

Mah Sing also signed a MoU for a further negotiation to buy or jointly develop another 170 acres of adjacent land.

From 2015 onwards, Mah Sing intends to undertake a proposed integrated mixed development that is expected to have a potential GDV of approximately RM9.3 billion. The project will first offer highrise serviced residences including executive suites starting from RM585,000, catering to the mass market of youngsters and upgraders. Other components include office towers, shop offices, retail lots, a retail mall and a hotel.