Mah Sing Group Berhad will be developing a new 8-acre transit environment district (TED) development in Puchong, Selangor, with a total estimated gross development value (GDV) of approximately RM726million. This marks the first land deal in 2023 for Mah Sing, which is actively scouting to acquire more good lands to develop affordable homes.

M Terra ie Parcel 1 measuring approximately 4 acres is planned as a residential development while M Hana ie Parcel 2 (the balance 4 acres) is planned as a mixed-use development. Total land cost is RM85,861,978.20 and the land comes with the benefit of a converted title for “Bangunan” which will expedite the development process. 

Sited near LRT Puchong Perdana and LRT Puchong Prima, these will be TED developments located 501 meters-1,000 meters from public transport. The land enjoys easy access from Persiaran Puchong Perdana 2 and is close to the completed Hilton Garden Inn Hotel and M Square commercial project.

Based on preliminary plans and subject to authorities’ approval, M Terra will be a residential development offering 2-bedroom and 3-bedroom units, with indicative built-up ranging from 552sqft, 769sqft and 1,005sqft, and to be affordably priced with indicative starting price from RM250,000. M Hana is planned as a mixed-use development that will also feature some retail lots. They are targeted for registration of interest in the second half of 2023.

Tan Sri Dato’ Sri Leong Hoy Kum, Founder and Group Managing Director of Mah Sing said, “Puchong is a development hotspot and this land already enjoys ready infrastructure and various amenities. We will add value with our concept and design, as well as our branding and execution track record. This is a good chance for us to extend our presence in Puchong, after the success of earlier upmarket developments nearby like Kinrara Residence in Kinrara and Garden Residence in Cyberjaya.

Driven by the success of M series products, the Group will continue to actively scout for good lands to develop affordable homes. “Greater emphasis on our affordable M Series developments has ensured the strong and stable performance of the Group. We will prioritize lands that can generate returns with turnaround efficiency, with key focus on affordable apartments in city centres and landed link homes in suburban areas for the M-series, as well as good industrial lands. In addition to Klang Valley, Johor and Penang, other locations on our radar include the high-growth corridors of Seremban, Melaka, and Perak,” Tan Sri Dato’ Sri Leong noted.

The affordable M Series carries the DNA of prime locations with a large captive market, easy access to amenities, connectivity, and ready infrastructures, as well as well-designed features. Mah Sing is actively looking to replenish good lands for this series as it meets current market demand.

Development Hotspot in Puchong – Well-Connected and Highly Accessible

Located in the heart of the established Puchong township, buyers of M Terra and M Hana will be able to easily access educational institutions, medical centres, shopping outlets and more.

The projects are surrounded by matured neighbourhoods that have a fairly high-density population, providing a large catchment of potential buyers.

Neighbourhoods like Puchong Prima, Bandar Puteri Puchong, Bandar Bukit Puchong, Bandar Puchong Jaya are within a 3km radius while Bandar Saujana Puchong, Taipan Business Centre, Subang USJ, Putra Heights, Kota Kemuning, Taman Putra Prima and Bandar Saujana Putra are within a 5km radius of the project. Puchong is a densely populated area with more than 500,000 population. Including adjacent areas, the population catchment reaches more than 1.3 million. 

In addition to its proximity to 2 LRT stations namely LRT Puchong Perdana and LRT Puchong Prima, the project will be easily accessible via Damansara-Puchong Highway (LDP), Bukit Jalil Highway, Shah Alam Expressway (KESAS), Federal Highway, Maju Expressway (MEX) Kemuning-Shah Alam Expressway (LKSA) and also the New Pantai Expressway (NPE).

Schools within the vicinity of 5km include SK Taman Puchong Utama 3, SK Puchong Utama, SJK (C) Han Ming, SMK Puchong Utama 1, SK Puchong Utama 2, SJK (C) Sin Ming and more. Higher education institutions such as Malaysia MAHSA University, Taylors College, Monash University, and Sunway College are a short drive away.

Nearby medical access includes Columbia Asia Puchong Hospital, KPMC Puchong Specialist Centre, Sunway Medical Centre and residents will also have access to retail convenience at M Square, IOI Mall Puchong, Aeon Big Puchong Utama, Lotus’s Puchong, SetiaWalk Mall, Main Place Mall USJ, Giant Hypermarket Putra Heights, Sunway Pyramid and more.

Healthy Balance Sheet, Actively Looking for Land Acquisitions

On the strength of prompt project execution and vacant possessions, Mah Sing’s balance sheet as of 30 September 2022 improved with net gearing at a new low of 0.27x, providing financial flexibility for further growth. Supported by the healthy balance sheet and overwhelming response from homebuyers for the M series of developments, the Group remained active in land acquisition. Mah Sing’s focus on execution has ensured a strong revenue stream, steady liquidity, and cash flow.

Strong Sales Momentum Continues

For the 9-month period ended 30 September 2022, Mah Sing achieved new property sales of RM1.69 billion, an increase of 32% compared to RM1.28 billion in the same period in 2021. The Group achieved RM640 million new sales in 3Q2022, the highest quarterly sales recorded since 2017.

The company's strong sales momentum looks set to continue with its latest launch of M Astra achieving 95% take-up during the weekend launch on 17 & 18 December. The retail shops available for sale were 100% taken up with two drive-through units to be tenanted by popular food & beverage brands Coffee Bean & Tea Leaf and Jollibee. Other launches in the earlier months of 2022 such as Phase 1 and 2 of M Senyum, Salak Tinggi, and Phase 1A of M Panora, Rawang have also seen encouraging responses with 96% to 100% take-up rates.

Recently completed M-Series include M Centura in Setapak and M Vista in Penang as well as the first 2 towers of M Vertica in Cheras. Other M-Series projects under construction such as M Arisa in Setapak, M Oscar in Sri Petaling, M Luna in Kepong, M Adora in Wangsa Melawati, and M Aruna in Rawang have locked-in take-up rates of more than 90%.

Upcoming projects such as M Nova in Kepong and the upcoming new phases of M Senyum, M Panora (Phase 1B) as well as Meridin East (Jasmine and Erica West) in Johor Bahru have also recorded strong registration of interest. This new land is expected to be a fast turnaround project and registration of interest will commence soon.

(19 January 2023)