Mah Sing Group Berhad (Mah Sing) has confirmed their latest acquisition of 6.169 acres of prime land in Taman Desa, Kuala Lumpur, for RM108 million, marking their third land deal in 2024. The development, with an estimated gross development value (GDV) of approximately RM1.01 billion, will be executed in two phases.
Phase one will feature M Aspira, a mixed-use development spanning approximately 1,600 residential units across 3.7 acres. Phase two will introduce Residensi Madani, encompassing approximately 800 units on 2.47 acres. Subject to regulatory approvals and based on preliminary plans, M Aspira is set to open for registration in the third quarter of 2024, offering serviced apartments with layouts ranging from 708 sq ft to 1,011 sq ft and indicative prices starting at RM448,800.
Mah Sing's Founder and Group Managing Director, Tan Sri Dato' Sri Leong Hoy Kum, highlighted Taman Desa's strategic allure, citing its proximity to major urban centres and established amenities such as Mid Valley Megamall and KL Sentral. Emphasizing the project's appeal to urbanites, first-time homebuyers, and foreign investors, Leong expressed confidence in addressing pent-up demand in the mature Kuala Lumpur location. He underscored Mah Sing's commitment to integrating green features into M Aspira, promoting sustainability through energy-efficient building practices and enhanced living conditions.
With a robust financial position as of March 31, 2024, boasting a net gearing ratio of 0.06 times and RM966 million in cash and bank balances, Mah Sing remains poised for further strategic acquisitions across Kuala Lumpur, the Klang Valley, Johor, and Penang. Leong affirmed the company's selective approach to land acquisitions, prioritizing assets capable of delivering efficient returns and exploring opportunities in joint ventures and government privatization lands.
M Aspira's strategic location ensures accessibility via multiple expressways and proximity to medical centres, schools, shopping malls, and public transport hubs. Positioned at the urban crossroads of Kuala Lumpur and Petaling Jaya, the development promises residents the convenience of city living with minimal commuting hassle, enhanced by future connectivity plans including the Bandar Malaysia high-speed rail terminal and MRT Station.