KUALA LUMPUR (April 24): Mah Sing Group Bhd's land acquisition for its third development in Setapak, Kuala Lumpur, namely M Azura, has become unconditional. The developer has three months to pay the balance purchase price of about RM59 million. The land for M Azura was acquired on Dec 8, 2023 for a total cost of RM74.3 million.
With an estimated gross development value of RM508 million, the four-acre (1.62-hectare) M Azura is Mah Sing's third development in the town after M Astra and M Adora, which were fully sold out.
In a press release on Wednesday, Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said that M Azura is expected to capitalise on the spillover demand from both M Astra and M Adora.
"We believe that M Azura will be warmly welcomed by first-time homebuyers, and those looking to upgrade in the neighbouring areas," said Leong.
M Azura will be accessible via Jalan Genting Kelang, the Middle Ring Road 2, Duke Expressway and Jalan Tun Razak. The project is only 3.9km away from the Sri Rampai LRT Station, and 4km from the Wangsa Maju LRT Station.
Mah Sing had five land deals in 2023, and two land acquisitions in 2024 thus far. The property developer is actively seeking more strategically located land in the Klang Valley, Johor and Penang.