As for the Seremban land, he says the decision to acquire the 960 acres freehold land that straddles the North South Highway follows the overwhelming success of Southville City which has seen a 99% take-up rate of the first five blocks of Savanna Executive Suites, priced from RM338,000, and more than 80% take-up for the 2½-storey Avens Residence Superlink Homes.
“This demonstrates the trend of developments moving south in Greater KL, which is a large catchment area for acquirable homes south of the Klang Valley,” he says.
Leong explains that a key catalyst for the project will be the proposed Kuala Lumpur-Singapore high speed rail project with Seremban as a potential inter-city stop. Mah Sing will propose a direct interchange from the North South Highway to the land.
The development will include terrace houses with indicative price from RM350,000 a unit, superlink houses, semi-detached units, and bungalows, while the commercial component will include serviced apartments, shops, offices and a retail mall.
Given the softer property market outlook, Leong says Mah Sing is targeting the mass and mid-range market in heeding the Government’s call for more affordable housing to be provided to the people.
He says the mass housing market is still attracting good response because demand for residential houses still outstrips supply.
Total transactions for residential properties in the past few years numbered more than 200,000 transactions a year, while the number of newly completed houses was only around 70,000 to 80,000 units a year.
Last year, 87% of Mah Sing’s residential projects were priced below RM1mil, and for 2015, 84% of its launches will be priced below RM1mil, of which 71% will be below RM700,000, and 44% below RM500,000.
“While we have a mixed portfolio of products ranging from residential and commercial to industrial properties, more acquirable housing will be launched to provide opportunities to first-time buyers, upgraders, and also middle-income earners,” he stresses.
Leong says the strategy to serve the mid-range market has reaped good results, as evidenced from the successes of project launches in the mass market and mid-range segment projects that include Savanna Executive Suites in Southville City, Bangi; Lakeville Residence in Taman Wahyu, Kuala Lumpur; D’sara Sentral in Sungai Buloh and Meridin Bayvue@Sierra Perdana.
“We will launch more mid-range products and we strongly welcome landowners with lands in good locations to approach us with their proposals. We have a dedicated business development team which is looking at land everyday,” he says.
Photo and story credit: http://www.thestar.com.my/Business/Business-News/2015/01/31/Mah-Sing-on-strong-footing/?style=biz
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