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KUALA LUMPUR: Mah Sing Group Bhd is paying RM656.9 million for 35.66ha in Puchong, Selangor, and plans to develop it into an integrated mixed project boasting RM9.3 billion in gross development value (GDV), which will be the group’s largest project.

It is the first plot out of 104.23ha near IOI Mall in Puchong that Mah Sing has agreed to buy, or jointly develop, from an unnamed vendor.

“Puchong is a development hotspot and we believe there are no more sizable pieces of land in the vicinity that would allow us to plan the type of impressive master plan that we have envisioned for this project.

“Accessibility would be nearly second to none, with five LRT stations within a 2km radius of the land once the LRT extension project is completed within
the next two years,” Mah Sing Group managing director and chief executive Tan Sri Leong Hoy Kum said in a statement yesterday.

The RM656.9 million paid by Mah Sing for the land is equivalent to RM170 per sq ft.

The vendor has agreed to grant Mah Sing the right for sale or joint venture for an additional 35.66ha next to the plot, which is situated behind IOI mall.

The integrated mixed development is expected to be completed within 10 years. The reasonable land cost is equivalent to 7.1 per cent of the estimated GDV.

“This new plot is more than seven times bigger than Lakeville, with 800m of the land fronting a lake, and 550m fronting Sungai Kelang.  We are understandably excited about the opportunities in developing the master plan for this project. The terrain of the land is also generally flat, which may ease the planning process of the integrated commercial hub,” said Leong.

The project will have serviced residences, office towers, retail lots, shop offices, a retail mall and a hotel.

With the new acquisition, Mah Sing’s landbank would increase to 1,563.78ha with a potential total GDV and unbilled sales of RM66 billion.


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KUALA LUMPUR: Some consolidation is due for the Malaysian property market following the “property boom”, says a research house.

A tighter monetary policy and macro prudential measures will help cool the property market, noted Standard Chartered Bank.

“Housing prices have been rallying strongly for some time and some consolidation is due… this will be positive for the economy in the long term,” economists Edward Lee and Jeff Ng said in a report.

Housing prices rose 72 per cent in the first quarter, enjoying a 6.7 per cent average growth annually.

Sabah outperformed with prices more than doubling while prices in Malacca rose the least at 50 per cent. The boom came about from a strong domestic activity-driven economy, low interest rates and favourable labour market conditions.

On the headwinds, they pointed out that the low interest rates may rise amid higher inflation and risk of financial imbalance.

Inventories are still low, but are building up. Growth in new launches picked up strongly to nearly nine per cent year-on-year in the fourth quarter of last year on strong demand and a drop in inventory, before easing to about five per cent as of the first quarter of this year.

“The property market is likely to face supply headwinds, considering the current population growth rate of about 1.5 per cent.”


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HUA Yang Bhd is confident of sustaining its sales momentum for the current year ending March 31 2015, as it presses on to launch new projects valued at RM1.1 billion.

Chief executive officer Ho Wen Yen said Hua Yang’s business focuses on the affordable housing market, of which residential units are priced at less than RM500,000 per unit.

The group’s new launches will be spread across the Klang Valley, Negri Sembilan, Johor and Perak.

Two days ago, Hua Yang told Bursa Malaysia that it bought four parcels of land in Ipoh for RM25.15 million. This mid-sized developer started out from Ipoh 35 years ago, and not surprisingly, its biggest plot of landbank lies there. 

Over at the Klang Valley, among Hua Yang’s key developments are One South in the Seri Kembangan area and Symphony Heights in Selayang.

“Currently, our unbilled sales of more than RM700 million will continue to consolidate our position as one of the leading brands in providing affordable homes,” Ho told the media after the company’s shareholders meeting, here, yesterday.

Shareholders approved a final dividend proposal, bringing the total dividend per share to 12 sen for the last financial year ended March 2014. This will translate into a dividend yield of 6.7 per cent.

Ho noted that Hua Yang is set to issue RM250 million in Islamic bonds and proceeds will go to replenishing its landbank.

“We’ll use the proceeds from the sukuk issuance to acquire strategically placed assets in Bukit Mertajam and Kota Kinabalu. We are currently in talks with a few land owners. We hope to announce some good news soon,” Ho said.

When asked to comment on the company’s preparedness for the Goods and Services Tax (GST), Ho said: “Our accounting system is being tweaked for the monthly claims and billings with the Customs Department. We’ve made the necessary registration with the government.”

The six per cent GST, a multi-stage consumption tax, will soon replace the current Sales and Service Taxes of 10 and six per cent, respectively. From April 2015, purchasers of commercial properties will have to pay the six per cent GST while buyers of residential properties are exempted.

 


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