Regional debut for Mah Sing

An artist’s impression of Icon City Petaling Jaya.

Mah Sing Group Bhd plans to make its debut as a regional property player this year and hopes to kick off its first offshore project in China by year-end.

Group managing director and group chief executive Tan Sri Leong Hoy Kum says the decision to hold back from venturing overseas earlier has been a blessing for the company as it has allowed Mah Sing to build up a stronger market presence locally.

“We had planned to venture into China two years ago but decided against it after some careful analysis. On hindsight, this has proven to be the right decision and the company is in a much more comfortable position to do so now,” he tells StarBizWeek.

To achieve its vision as a world-class regional developer within the next five years, Leong says Mah Sing has also set its sight on Singapore, Australia and Indonesia.

Locally, the company has grown to be one of the most diversified property developers in the country with a broad product offering in the Klang Valley, Penang and Johor Baru.

It has 34 projects (including five completed ones) in the residential, commercial and industrial segments.

To support its sales target of RM2bil to RM2.5bil this year, Mah Sing plans to roll out between RM2.5bil and RM3bil worth of launches. Of this, some 36% will comprise landed residences, 32% will be service residences and small office home office (SoHo), 29% from commercial properties and 3% from industrial projects.

Mah Sing's range of residential projects are marketed under the township Perdana brand, medium high to high-end Residence brand, and high-end Legenda brand.

For high-rise properties, Mah Sing recently launched the M series M Suites and M-City, and Plaza series Garden Plaza in Cyberjaya.

Leong says the current trend is to have mixed-use developments that have a mixture of residential suites, office suites and retail outlets within the same development, “as buyers are opting for products that improve their quality of life, and the convenience of everything being in close proximity to each other.”


An artist’s impression of M-City@Jalan Ampang in Kuala Lumpur.

Its latest project to be previewed, M-City@Jalan Ampang, attracted over 3,000 registrants for the designer SoHo suites, residential suites and sky villas.

The RM920mil project features 1,200 units of residential suites, office suites and retail outlets, on five acres of freehold land.

The first component to be previewed was the designer SoHo suites comprising single storey units with built up of 781 sq ft, 853 sq ft and 1,066 sq ft, as well as duplex units with built up of 910 sq ft and 1,330 sq ft.

These semi-furnished residences have average price of RM800 per sq ft (psf).

Trendsetter

Based on a garden city concept, M-City boasts of over four acres of greenery with hanging gardens, lagoon parks and other thematic parks for residents.

There will also be lifestyle retail outlets to cater to the needs of residents and tenants. The three-storey boutique retail shops has average lot size of 28' x 78'.

According to Leong, Mah Sing is also making an impact in the commercial property sector, and is one of the few listed developers to offer industrial products through its iParc range of projects.

Its latest iParc 3@Bukit Jelutong will comprise 25 units of 3 storey semi-detached bungalows with land size of 60'x132', built up from 5,339 sq ft and indicative price from RM3.3mil.

They will be designed for 4-in-1 centralised functions, where the factory, office, showroom and warehouse can operate from one central location.

Going forward, Mah Sing wants to build more street malls and retail malls.

It has three street mall projects Southgate KL, StarParc Point Setapak and Star Avenue D'Sara, and two retail malls Icon City Petaling Jaya and Southbay City on Penang island.

Since its launch in 2008, Southgate KL with gross development value (GDV) of RM458mil, has been 98% sold. Of the five blocks of lifestyle retail and modern office suites, two were sold en-bloc and the balance on strata.

“At the moment, we have approximately 70% tenancy rate for the retail portion of Block A, and

the building is expected to open for business in August,” Leong says.

StarParc Point Setapak with GDV of RM129mil was launched in the first quarter of 2009. It is nearly 100% taken up.

Fronting the upcoming Parkson Mall and Jalan Genting Klang, the covered lifestyle square will feature al-fresco dining outlets and boutique shopping.

The three-storey shop office units with built-up from 4,880 to 6,904 sq ft are priced from RM2.2mil,

There are also the six-storey series comprising double-storey retail lots from 2,251 to 4,950 sq ft priced from RM1.3mil, while the four-storey offices of 1,264 to 2,715 sq ft are from RM295,000.

Lifestyle projects

Star Avenue D'Sara that fronts Jalan Sungai Buloh is one of the first new commercial projects along Jalan Sungai Buloh.

Comprising 92 units of three- storey shop office priced from RM2.2mil, the RM402mil project was launched in April.

Located close to the proposed MRT station in Taman Industri Sungai Buloh, the project is adjacent to the Rubber Research Institute land, has dual access from Jalan Sungai Buloh Shah Alam and Persiaran Cakerawala.


Leong: ‘We had planned to venture into China two years ago but decided against it.’

As for retail malls, Icon City Petaling Jaya, located on 20 acres at the crossroads of Lebuhraya Damansara-Puchong and the Federal Highway, is Mah Sing's flagship project in the commercial segment.

The project with GDV of RM3.2bil offers one of the best visibility in the Klang Valley.

Under the first phase of the project, 30 prime lots comprising seven and eight storey lifestyle shop offices with wide frontage, high ceilings, quality finishing, private lifts and main road frontage, were recently previewed, of which 19 units valued at RM192mil were sold.

The second phase of the project comprising two and three storey retail lots (with indicative price from RM3.6mil), small office versatile offices (from RM570,000) and residential units, are now open for registration.

Leong says the development will also have a hotel, corporate office towers and a retail mall.

Meanwhile, Southbay City on Penang island, located about five minutes from the upcoming second Penang bridge, will have commercial portion to the tune of RM2bil in GDV.

The first phase of the project will comprise the RM265mil Southbay Plaza that will be ready for a preview soon.

The residential suites with built-up of 1,030 to 1,645 sq ft will have indicative price of RM550 psf, while the lifestyle retail shops of 1,000 to 12,500 sq ft will be at RM500 psf.

By The Star