KUALA LUMPUR: Mah Sing Properties Sdn Bhd has entered into a conditional sale and purchase agreement with Datuk Bandar Kuala Lumpur (DBKL) for a 2.50-hectare parcel of prime land in Taman Desa for RM108 million.
Meanwhile, Mah Sing Group said the proposed development on the land is expected to have an estimated gross development value (GDV) of RM1.01 billion, which will proceed in 2 phases.
The project, named M Aspira, will comprise approximately 1,600 residential units across 1.50 hectares and an additional 800 units of Residensi Madani on a one-hectare site within Taman Desa, located off Jalan Klang Lama and the East-West Link Expressway.
Mah Sing Group also said in a statement that the acquisition is not expected to materially impact the group’s earnings for the fiscal year ending 31 December 2024, but it is anticipated to contribute positively in the future, pending completion in the first half of 2025 (1H25).
Additionally, Mah Sing Founder and Group Managing Director, Tan Sri Leong Hoy Kum highlighted the development’s appeal to urbanites, first-time homebuyers and international investors – blending urban vibrancy with suburban tranquility.
“This is one of the last pieces of development land in this mature location in Kuala Lumpur and we believe there is strong pent-up demand for the products that we have planned.
“The surrounding neighbourhoods have mainly older residential projects and it is timely for us to offer well-designed homes with a good concept and facilities for the upgraders as well as first-time homebuyers from the surrounding established townships,” he added.
— BERNAMA
