The company has targeted to buy land that can generate gross development value (GDV) of RM5 billion.
MAH Sing Group Bhd, one of the country's top developers, has bought 172ha of land in Bandar Baru Bangi, Selangor, for RM333.26 million, or RM18.55 per sq ft.
The group acquired 170ha of freehold land from Boon Siew Development Sdn Bhd and around 1.6ha of leasehold land from an individual party.
The land acquisition is the third for Mah Sing this year. This means Mah Sing has achieved 73 per cent of its landbank target for this year.
For the latest acquisition, Mah Sing intends to develop Southville City in a few phases. Southville is expected to generate GDV of RM2.15 billion and it will be completed over the next five years.
The first phase of the gated and guarded project will offer affordable homes for young families, mainly double-storey-link houses, indicatively priced from RM530,000.
The remaining phases will offer linked-semi-detached (semi-D) houses, semi-Ds and bungalows for home upgraders.
Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said almost 70 per cent of the houses will be offered at below RM1 million each to meet the strong market demand for bread and butter properties. Some 30 per cent of the township will comprise commercial components, mainly offices.
The master layout and development order for the project had been obtained, Leong said in a statement yesterday.
He said registration of interest for the properties is expected to began in the third quarter of the current year.
Leong said Southville City is expected to beat the success of the group's award winning Aman Perdana township in Meru-Shah Alam, M Residence @ Rawang, Kinrara Residence in Puchong and Garden Residence in Cyberjaya.
With Southville City, Mah Sing now has 28 ongoing projects in Greater Kuala Lumpur.
"This positions us to indirectly support the opportunities arising from the Greater KL National Key Economic Areas (NKEA) implementation, such as the additional demand for housing, as population is expected to increase from six million to 10 million by 2020," he said.
Mah Sing is still scouting for prime land suitable for development to meet market demand.
"The land must fit our quick turnaround business model. We are keen on privately-held and government land," Leong added.