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Tuesday, November 5, 2013

Mah Sing outlines plan for its biggest township

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/4MAHSING/Article/

MAH SING Group Bhd hopes to start work on its new township in Pasir Gudang in the second half of next year.

Its deputy chief operating officer (southern) Dr Chai Kow Sin said the township, which will be developed on a 547.1ha of land that the company bought for RM429.87 million last month, is the biggest township to be built by Mah Sing.

"Once started, the project will take about eight years to be fully developed. We are still in the planning stage, but the township will have a mix of residential, commercial and industrial units, and include affordable houses."

He said the new township, which will have a gross development value (GDV) of RM5 billion, is located near Mah Sing's Sierra Perdana township project.

"With the new township, we now have seven projects in the Johor Baru-Iskandar Malaysia area, including five township projects."

He was speaking to the media after attending a preview of Phase 2 of its Meridin@Medini project in Nusajaya, which consists of a Meridin SOVO (small office versatile office) tower and two Meridin Suites towers on Sunday.

At the event, Mah Sing, through subsidiary Tropika Istimewa Development Sdn Bhd, signed a memorandum of purchase with SwhengTee International Sdn Bhd for the purchase of Tower B of Meridin Suites.

At the signing, Chai represented Mah Sing while SwhengTee was represented by its founder, Datuk Seri Gavin Tee.

Tower B of Meridin Suites consists of 322 units of apartments, with a total value of RM172 million.

Chai said Tower C of Meridin Suites will become a hotel.

"It will be a family-oriented hotel which we will manage ourselves. We believe there will be a lot of visitors to this area because it is located in the vicinity of attractions like Legoland," he said.

The Meridin@Medini project, which has a GDV of RM1.1 billion, is located on a 3.3ha of land in Nusajaya and near the Legoland theme park. Phase 2 of the project is expected to begin in the first quarter of next year and will take about four years to complete.

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