Mah Sing to buy Tebrau land to develop RM469mil GDV project
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KUALA LUMPUR: Mah Sing Group Bhd has acquired 6.938 acres of freehold land in Tebrau, Johor Bahru for RM39.29mil, with an intention to develop the land into a mixed development project with a gross development value (GDV) of RM469mil.
In a statement, the developer said the prime land is in Taman Seri Austin next to an existing McDonald’s drive-through, and access to the land is via Persiaran Eco Cascadia. This new acquisition is to be named M Minori.
“Based on preliminary plans and subject to authorities’ approval, M Minori will be a mixed development comprising 3 blocks of serviced suites with 1-bedroom, 2-bedroom and 3-bedroom units, with indicative built-up ranging from 550sqft to 880sq ft, affordably priced with indicative starting price from RM260,000,” Mah Sing said, adding that the project is targeted for registration of interest in the fourth quarter of 2022.
This proposed mixed development also features some retail lots with plans to accommodate drive-through food and beverage outlets.
Mah Sing said part of the land cost for M Minori would be funded by proceeds from the recent disposal of a small piece of land in Permatang Tinggi in mainland Penang.
Founder and group managing director Tan Sri Leong Hoy Kum said: “M Minori is in the heart of the established Austin community, which means buyers will be able to easily access educational institutions, medical centers, shopping outlets and more.”
“We believe that first-time home buyers from surrounding areas who want to stay near the central business district will find M Minori very attractive and convenient,” he added.