RM5B GDV DEVELOPMENT: Group buys 540ha land in Pasir Gudang
MAH Sing Group Bhd has bought 540ha of land in Pasir Gudang, Johor, for RM429.87 million to build its fifth township in the state.
The project will generate some RM5 billion in gross development value (GDV) over seven years, said its group managing director cum chief executive Tan Sri Leong Hoy Kum.
The property developer bought the land at RM7.30 per square foot (psf).
Mah Sing will do a market survey and consumer needs analysis to decide on the best components for the township.
The current idea is to build residential, commercial, industrial, retail and recreational assets, Leong said in a statement yesterday.
"Over seven years, we will create a very nice township that will change the landscape of the locality for the better."
He said the reasonable entry cost of RM7.30 psf for the new land, coupled with the deferred payment term of 48 months, tie in well with the group's strategy for growth.
Leong is bullish about the new township as there are multiple access points and commercial facilities within close range of the development.
The land is located between Pasir Gudang and Tanjung Langsat, two of the largest industrial basins that are key components in the Flagship D: Eastern Gate of the Iskandar Malaysia development.
It is accessible from the Pasir Gudang highway via Jalan Tebrau (heading towards Kota Tinggi), the coastal highway and the Senai-Desaru highway.
Mah Sing started its foray into the Johor property market in 2000 with its Sri Pulai Perdana township, introducing the concept of gated-and-guarded living for link homes.
With the new land, its projects in Iskandar Malaysia have remaining GDV yield and unbilled sales of about RM7.3 billion. This comprises 26 per cent of the group's remaining GDV and unbilled sales of around RM28.6 billion.