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Wednesday, January 8, 2014

High Court decision paves way for Mah Sing project


PETALING JAYA: Mah Sing Group Bhd can begin registering its interest for its 547-ha Bandar Meridin East freehold township project in Pasir Gudang, now that its sale and purchase agreement and supplemental agreement with Bistari Land Sdn Bhd have been validated by the Johor High Court.
In a press statement, the property heavyweight said the Johor High Court has granted an order to validate both agreements, “paving the way for Mah Sing to conduct its registration of interest exercise for the project”.
The first phase of registration of interest will be for double storey link homes with an estimated built-up from 1,500 sq ft, indicatively priced from RM300,000, linked semi-detached homes with estimated built-up from 1,800 sq ft, indicatively priced from RM400,000 and semi-detached homes with estimated built-up from 2,200 sq ft, indicatively priced from RM500,000.
Bandar Meridin East, which has an estimated gross development value of RM5bil, is a self- contained township.
Other than residential and commercial components for the township, the group also intends to explore retail, recreational and even industrial elements for the township. The project is Mah Sing’s fifth township in Johor since 2000.
“Besides tapping demand from Mah Sing’s existing township of Sierra Perdana just 18km from the new township, there is a ready catchment of 100,000 in Pasir Gudang alone.
“Its location between Pasir Gudang and Tanjung Langsat cum its proximity to Penggerang provides a latent demand for housing.”
The company explained that Bistari Land, or the vendor, had in November 2013 acknowledged that a winding up petition was advertised against them by theMalaysian Highway Authority. “The vendor confirmed that they are taking immediate steps to settle the outstanding sum of RM11.6mil to the petitioner and to have the winding petition withdrawn.”
In a Bursa Malaysia announcement, the company said that, in relation to the winding-up proceedings by the petitioner against the vendor, the court has also allowed the petitioner’s application to stay the winding-up proceedings for eight months.

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