KUALA LUMPUR (July 6): Property developer Mah Sing Group Bhd will be developing a mixed residential development named M Zenya in Kepong with a total estimated gross development value (GDV) of about RM500 million.

M Zenya will be developed under an unincorporated joint venture (JV) agreement with landowner Liberty Triangle Sdn Bhd, where Mah Sing’s wholly owned unit Star Residence Sdn Bhd will be paying a total JV consideration of RM85.3 million, comprising a landowner's entitlement of RM70 million and a fixed guaranteed return of RM15.3 million.

According to Mah Sing’ statement on Thursday (July 6), the group will be granted sole development right and have full control of the management and operation of the project.

The land comes with the benefit of development order with an approved plot ratio of 1:6. The land title is converted with premium paid and earthworks partly completed, which will expedite the development process.

This marks the group’s fourth land acquisition in this year, contributing to a total combined estimated GDV of approximately RM5 billion to date.

The addition of this new acquisition expands Mah Sing’s prime landbanks to 2,422.88 acres, with a total remaining GDV and unbilled sales of RM27.36 billion.

M Zenya, which is next to Keponggi Square and the Metropolitan Lake, will be a mixed development with commercial or retail lots and two-bedroom, three-bedroom and four-bedroom residential units, with indicative built-up ranging from 718 sq ft to 1,067 sq ft, and to be affordably priced with an indicative starting price of RM420,000.

The proposed development is targeted for registration of interest in the second half of 2023.

The project will enjoy a large captive market as the land straddles well-established neighbourhoods of Kepong, Taman Selayang Jaya, Batu Caves, Bandar Menjalara, Segambut, Taman Seri Gombak and Sentul.

“Encouraged by the success of M series products, the group will continue to actively scout for good lands to develop affordable homes,” said Mah Sing’s founder and managing director Tan Sri Leong Hoy Kum.

“We will prioritise 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,” he said.

The affordable M Series carries the DNA of prime locations with a large captive market, easy access to amenities, connectivity and ready infrastructure, as well as well-designed features.

At Thursday’s noon break, Mah Sing’s share price was flat at 61.5 sen, with a market value of RM1.48 billion.