KUALA LUMPUR: Mah Sing Group Bhd will be developing M Azura, a new transit-oriented development in Setapak, Kuala Lumpur, with an estimated gross development value (GDV) of RM508 million.
The company has acquired four acres of land for the project for RM74.3 million.
Tan Sri Leong Hoy Kum, the group managing director and founder of Mah Sing, said that the development process will proceed more quickly because the land comes with a converted title for "development."
This marks Mah Sing's fifth land deal in 2023, and the company will continue to scout for more strategically located lands in Klang Valley, Johor, and Penang, he said.
Located near the proposed Mass Rapid Transport 3 (MRT3)'s Rejang Station, LRT Sri Rampai, and LRT Wangsa Maju, M Azura is also the third development in Setapak after M Astra and M Adora, both of which are fully sold out.
M Azura is expected to benefit from the spillover demand from these projects, Leong said.
Leong said that based on preliminary plans and subject to authorities' approval, M AZURA will be a residential development comprising two blocks of serviced apartments with two-bedroom, three-bedroom, and four-bedroom units with indicative built-up ranges from 700 sq ft to 1,000 sq ft and an indicative starting price of RM396,800.
The target registration of interest for M Azura will be in the first quarter of 2024.
"We have established and solidified our brand presence in Setapak through the positive reception and success of M Astra and M Adora. In fact, our recent project, M Astra, was fully sold within a year, reflecting buyers' appetite and trust in the Mah Sing brand. This upcoming development, M Azura, marks our third venture in this area.
"Capitalising on the spill-over demand from both our previous developments, we believe that M Azura will be warmly welcomed by first-time homebuyers and those looking to upgrade in the neighbouring areas," he said.
Leong said that the encouraging response to the company's M Series projects reflects the alignment with market demand for quality and pricing.
This is evident in the strong take-up rates during the company's launches and is further underscored by the recent achievement of RM1.8 billion in property sales within the span of nine months, he said.
"Leveraging our healthy balance sheet and confidence in our quick turnaround business model, we continue to seek landbanks in Klang Valley, Johor, and Penang to expand our residential and industrial development portfolios," he said.
