Mah Sing Group Berhad’s Icon City saw sales of RM426.5million during the weekend launch of its show gallery.
The sales were racked up from the commercial i-SoVo (small office versatile office) units, 30 Jewels (7&8 storey shop offices) and Gourmet Street (1&2 storey retail shops).
Icon City, located in SS8, Sungei Way, has a total gross development value (GDV) of approximately RM3.2billion, to be developed in 3 to 4 phases.
Part of Phase 1, i-Sovo comprises 410 units; Tower 3 with 198 units and Tower 3A with 212 units.
These duplexes come with built ups of 745 sq ft and 1,094 sq ft, priced from RM599,000 onwards.
During the launch, 80% of Tower 3 or 138 units were snapped up.
Due to the overwhelming response, Tower 3A was opened up on Sunday evening and 10 units were taken up.
Over a single weekend, 148 i-Sovo units were sold.
In addition, 96% of 30 Jewels and 37% of Gourmet Street were sold.
Group managing director-cum- group chief executive Tan Sri Leong Hoy Kum said, “Icon City shall be an integrated development as buyers like this concept. We are investing on a comprehensive traffic dispersal system to improve access, and this will greatly ease the congestion issue that had plagued this location for the past few years”.
He added that some analysts and industry experts have opined on the potential for the third MRT line from Kuala Lumpur to Klang to pass through the project, and if that materialize, would greatly enhance the access to an already well connected project.
Chief operating officer, Andy Chua said Mah Sing expects to open registration for the serviced residences with sizes ranging from 563 sq ft to 1,779 sq ft by 3Q2011.
Icon City is poised to be amongst the first in the Southeast Asia to be certified by Leadership in Energy and Environment Design (LEED), USA and Green Building Index (GBI), Malaysia and Green Mark, Singapore and be the ultimate integrated development in Petaling Jaya.
CIMB Research, meanwhile, is maintaining its forecasts and target price of RM3.30 on Mah Sing.
This is based on an unchanged target market price to earnings of 14.5 times. Potential re-rating catalysts include the very good response to the maiden public launch of Icon City, continued strong sales by the group and aggressive landbanking newsflow which should pick up pace in 2H.
The RM426.5 million sales achieved by Mah Sing for the phase one make up around 18 % to 23 % of its full-year sales target of RM2 billion to RM2.5 billion, the research house said.
