WHILE many property developers are likely to take a step back to re-evaluate their new launches given the current soft condition of the real estate sector, Mah Sing Group Bhd has again bucked the trend with its first land deal in 2021: M Senyum.
The 100-acre project in Bandar Baru Salak Tinggi comprised mainly of affordable landed homes that boasts an estimated gross development value (GDV) of RM656 mil.
Based on preliminary plans, M Senyum is envisaged to consist of double-story terrace houses with indicative land size of 18’X65’ and 20’X70’ with indicative starting price from RM399,000.
This aligns well with the group’s current strategy of focusing on affordable landed homes in the outskirts/suburban areas and affordable high rises in the central business district (CBD) areas.
Subject to market conditions and the relevant authorities’ approval, M Senyum is expected to be developed over a span of five years with registration of interest and launching targeted to be in 2H 2021.
“This also augurs well for the group’s quick turnaround strategy which will allow Mah Sing to meet current market demand from genuine first home buyers and upgraders from matured townships nearby,” the developer pointed out in a statement.
“The group holds high prospects of the land in view of its good connectivity, established catchment and ready amenities within the vicinity.”
Very broadly, M Senyum further strengthens Mah Sing’s portfolio composition with affordable bread and butter landed homes which are what Malaysians want at the moment.
In recent years, the group has built up its brand presence in the southern part of Klang Valley with notable townships such as Southville City in Bangi and Garden Residence in Cyberjaya.
The mid-range products of M Senyum are expected to attract a large catchment of home upgraders as this development is nearby to established townships such as Kota Warisan, Bandar Baru Nilai, Dengkil, Putrajaya and Cyberjaya.
The affordable price point would also attract home buyers who are considering new properties in Seremban, as the new development would provide them a Klang Valley address.
“The group will continue to scout for more lands which suits its fast turnaround business model with Greater Kuala Lumpur and Klang Valley being the focus areas, riding on its healthy balance sheet with cash and bank balances and investment in short-term funds of approximately RM1.13 bil as of end-September 2020,” added Mah Sing. – Feb 19, 2021
