NuProp Team

PROPERTY NEWS: Mah Sing invests RM469 million in a new mixed-use property in Johor

Key takeaway: 

Mah Sing Group Bhd has purchased a new plot of land in the Tebrau neighbourhood of Johor Bahru, marking the group's first land acquisition of the year. The new plot will be used to create a mixed project with a projected gross value of approximately RM469 million.

According to a statement released by Mah Sing on Tuesday (June 28), the prime land lot, which is estimated to be worth RM39.29 million and measures about 6.938 acres, is situated in Taman Seri Austin close to an existing McDonald's drive-through and is reachable from Persiaran Eco Cascadia.

The proposed mixed project, M Minori, will include three blocks of serviced suites with 1-, 2-, and 3-bedroom units, with typical build-outs ranging from 550 square feet to 880 square feet, and typical pricing beginning at RM260,000.

Austin Perdana, a developed township, is located around 6.5 kilometres from Mah Sing's office in Johor. Interest registration is expected to begin in the fourth quarter of 2022. According to Mah Sing, this proposed mixed development also includes some retail spaces with plans to house drive-through restaurants and bars.

According to the group, money from the recent sale of a tiny piece of land in Permatang Tinggi on the Penang mainland would help pay for some of the land's costs.

The organisation said it will keep looking for similar lands to develop additional cheap housing because the success of its affordable M-Series housing in city centres and landed link homes in suburbs gives it hope.

This is a strategic choice to put more of an emphasis on high take-up and quick turnaround M-Series residential land for the development of reasonably priced dwellings that meet market demand.

Mah Sing stated that the high-growth corridors of Seremban, Melaka, and Perak are also on the group's radar in addition to the Klang Valley, Johor, and Penang.

According to Tan Sri Leong Hoy Kum, founder and group managing director of Mah Sing, M Minori is a project influenced by Japanese minimalism and aimed at young customers desiring a more convenient and safe environment with stricter access control.

"M Minori is in the centre of the established Austin neighbourhood, so purchasers will have easy access to educational institutions, healthcare facilities, retail establishments, and more. We think first-time homebuyers from the neighbourhood who want to live close to the CBD will find M Minori very alluring and practical," he added.

Tuesday's share price of Mah Sing was constant at 60 sen, giving the company a market capitalization of RM1.44 billion.

©️ June, 2022,

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