PROPERTY NEWS: Mah Sing to acquire Puchong lands to develop RM726mil GDV project

Key takeaway: Mah Sing Group Bhd will acquire 2 Puchong land parcels in 8.2 acres from Millennium Acres Sdn Bhd, a company that is 50% controlled by Tanco Holdings Bhd managing director Datuk Seri Andrew Tan Jun Suan, for RM85.86 million.

The land parcels in Puchong Perdana, according to Mah Sing, have a potential gross development value of roughly RM726 million. One of the parcels will become a residential project, and the other will become a mixed-use development, according to the group.

Supreme Springs Sdn Bhd, a fully owned subsidiary of Mah Sing, will purchase the first parcel of 3.8 acres, for RM40.19 million, while Legend Grand Development Sdn Bhd, another fully owned subsidiary, will purchase the second parcel of 4.4 acres, for RM45.67 million.

The property developer stated that it plans to use a combination of internally-generated finances, bank borrowings, and revenues from the sale of undeveloped land to cover the costs and expenses for the land acquisition and future development.

The acquisition is planned to be finalised in this year's second half.

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