Mah Sing Group Berhad has recently acquired 3 new landbanks with a combined gross development value (GDV) of approximately RM1.1 billion. This brings the amount of new project acquisitions to RM1.9 billion in 2010 and RM2.2 billion in 2009.
Located at the Klang Valley, the new lands are Kinrara Residence (Residential with GDV RM730 million), Star Avenue (Commercial with GDV RM280 million) and i-Parc 3 @ Bukit Jelutong (Industrial with GDV RM82 million).
Together with these recent acquisitions, the group has projects with remaining GDV and unbilled sales of RM7.5 billion, out of which 59% is made up of residential projects while commercial and industrial projects make up 36% and 5% respectively. The lands are strategically located in the Klang Valley, Penang island and Johor Bahru.
Commenting on the acquisitions, Mah Sing’s Group Managing Director cum Group Chief Executive Tan Sri Dato’ Sri Leong Hoy Kum said, “We are building our pipeline for 2011 and beyond, as we have enough projects to launch and sell this year. We have the capacity and are always on the look-out to purchase good, sizable landbanks at prime locations. We do not have a set target on our land acquisitions for the year as we are very careful in our selection with our set of criteria such as excellent accessibility via network of roads and highways, good amenities, and a ready catchment.”
He added that these landbanks should last the Group for at least 6 years.
Mah Sing Group was recently awarded the company with the Highest Compound Returns to Shareholders over 3 years during the inaugural The Edge Billion Ringgit Club awards.
