Mah Sing Group Berhad (Mah Sing) today announced the acquisition of a 500 acres freehold land in Semenyih with an estimated Gross Development Value (GDV) of RM3.3 billion.

To be named Glengowrie Estate, the land is planned as an integrated township development comprising mainly double storey landed homes with indicative prices starting from RM446,800.

Sale and purchase agreements were signed with Petaling Garden Sdn Bhd, a subsidiary of S P Setia Berhad today for RM392,040,000.00. Development charge, Improvement Service Fund (ISF) and part of Integrated Water Supply Scheme (IWSS) costs have been paid by the vendor. Part of the external infrastructure has also been completed. An undulating land form allows Mah Sing the opportunity to explore unique design and creative opportunities while maximising land use.

The land is situated in the matured township of Semenyih, Selangor, located to the south of Eco Forest and to the east of Bandar Tasik Kesuma. The land also borders the Seremban district giving it a captive target market.

According to preliminary plans, this integrated township will be developed with double storey landed homes, well-planned amenities and commercial lots. The residential homes will be reasonably priced with an indicative starting price from RM446,800.

Subject to authorities’ approval and fulfilment of conditions precedent, the proposed development is expected to commence by third quarter of 2024 and to be developed over 8 to 10 years. Awareness programme and registration of interest for the project is expected to commence in 2024.

Mah Sing Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “This is Mah Sing’s third land acquisition this year, following the acquisition of M Tiara, a 75.7-acre freehold land in Mukim Pulai, Johor Bahru with an estimated GDV of approximately RM480 million on 13 June. In January, the Group also acquired an 8-acre plot of land in Puchong to develop M Hana and M Terra, a transit environment district development with a total estimated GDV of approximately RM726 million.”

The acquisition will increase Mah Sing’s prime landbanks to 2,418 acres, with total remaining GDV and unbilled sales of RM26.86 billion. Supported by its strong balance sheet, Mah Sing continues eyeing more good lands with priority given to lands suitable for affordable M Series landed and high rise residential, and industrial developments.

The Group believes that demand for medium-priced housing aimed at first-time and younger middle-class home buyers, as well as those looking to upgrade to a well-planned mixed development in Klang Valley, Johor Bahru and Penang Island, will gradually increase over the next few years.

The land is situated in Semenyih, Selangor, one of the fastest growing areas in Greater Kuala Lumpur or the Klang Valley’s southern corridor. Including Ulu Langat and neighbouring districts like Sepang and Seremban, the total population catchment is more than 2.4 million.