KUALA LUMPUR: Mah Sing Bhd’s unit Star Residence Sdn Bhd has entered into an unincorporated joint venture agreement with Liberty Triangle Sdn Bhd to undertake the development of a RM500mil gross development value (GDV) mixed-use project named M Zenya in Kepong, Kuala Lumpur.
In a filing with Bursa Malaysia, the property developer said the land, measuring a combined 4.88 acres, comes with the benefit of an approved development order (DO), with one of the DOs approved with a plot ratio of 1:6.
It said the land title has been converted for “building” purposes.
Based on preliminary plans and subject to authorities’ approval, the proposed development is expected to be a mixed residential development comprising of two-bedroom, three-bedroom and four-bedroom residential units, with indicative built-up ranging from 718 to 1,067 sq ft, as well as commercial or retail lots.
The most affordable residential units’ indicative starting price is from RM420,000, it added.
“This is a particularly well-suited development as it will be able to tap into the catalytic effects of Keponggi Square.
“Given M Zenya’s proximity to upcoming retail convenience, we will primarily be offering services apartments with a variety of amenities to appeal to residents, as well as certain commercial and retail lots to supplement residential needs,” said Mah Sing founder and group managing director Datuk Leong Hoy Kum in a statement.
The registration of interest is targeted for the second half of 2023.
Under the terms of the agreement, Mah Sing will be granted sole development rights and have full control of the management and operations of the project.
Liberty Triangle, being the landowner, is entitled to RM70mil as well as a fixed guaranteed return of RM15.3mil based on profit after tax of the proposed development.
Mah Sing said it intends to funds the costs related to the proposed joint venture and development through internally generated funds and bank borrowings.
The joint venture marks Mah Sing’s fourth land deal in 2023 for a total estimated GDV of about RM5bil.
“Backed by healthy liquidity and balance sheet, the group will continue to pursue disciplined landbanking, prioritising lands that can generate returns with turnaround efficiency,” it said.
