The first parcel of land, opposite the Kinrara Golf Club in Puchong, is to develop residential properties.
Mah Sing said in a statement yesterday that the project, dubbed Kinrara Residence, has an estimated gross development value (GDV) of RM730 million.
The second parcel, which is adjacent to the Rubber Research Institute land in Sg Buloh is for a commercial project, known as Star Avenue, worth RM280 million.
In Bukit Jelutong, Mah Sing will build i-Parc 3, an industrial project worth RM82 million, which is a continuation of its i-Parc brand.
Mah Sing said the 3 parcels of land will reinforce its strength as one of the few local developers to offer a complete range of properties in its stable, namely residential, commercial and industrial.
With the new land acquired, Mah Sing has projects with remaining GDV and unbilled sales of about RM7.5 billion in the Klang Valley, Penang Island and Johor Baru.
Some 59 per cent of the projects are residential properties. Commercial and industrial make up 36 per cent and 5 per cent respectively.
Mah Sing said the landbanks will keep it busy for some 6 years.
This year alone Mah Sing has acquired new projects worth RM1.9 billion for building works stretching to 2011 and beyond.
"We are pleased that our performance has been acknowledged with our most recent award, the inaugural The Edge Billion Ringgit Club awards where we were named recipent for Highest Compound Returns to Shareholders over 3 years," it said.
By Business Times
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