PETALING JAYA: Mah Sing Group Bhd has proposed to acquire 20 pieces of freehold land in mainland Penang amounting to about 76.38 acres from four separate vendors, for a total of RM42.59mil cash.
On Tuesday, the group said the proposed acquisition by its unit Nature Legend Development Sdn Bhd allowed it to expand its existing presence in Penang.
“The proposed acquisition is timely and in line with the group’s strategy to continuously scale up development in locations with strong growth potential,” it said in its filing with Bursa Malaysia.
The land parcels are located in Jawi, Penang, 6.6km from the Jawi Toll on the North-South Highway and 15.6km from the interchange to the second bridge inBatu Kawan.
Mah Sing plans to develop Southbay East, a gated guarded lifestyle township, which will include link homes, linked semi-detached homes, semi-detached homes, town houses and shops as well as a clubhouse.
The project will span over three to four years, and will have a gross development value (GDV) of some RM400mil.
Mah Sing already has five projects in Penang, all located on the island, across the second bridge. “With the proposed acquisition, the group now has remaining land in Penang worth about RM3.8bil in combined GDV and unbilled sales, representing 13% of the group’s total GDV and unbilled sales of RM28.78bil,” it said.
The group said Nature Legend would be submitting the proposed development plans to the relevant authorities for approval. Subject to timing of the approvals, Mah Sing expects to commence the project in the first half of 2015.
It intends to fund the acquisition and the development cost of the land via a combination of proceeds from the rights exercise, which was completed in March, internally generated funds, and bank borrowings. - The Star
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