Published: Wednesday October 2, 2013 MYT 12:00:00 AM
Updated: Wednesday October 2, 2013 MYT 11:17:10 AM
PETALING JAYA: Mah Sing Group has acquired about 547ha of freehold land in Pasir Gudang, Johor, and will develop it into a mega township over the next seven years.
The land was purchased for about RM430mil and the money will be paid over four years.
Mah Sing group managing director and group chief executive, Tan Sri Leong Hoy Kum, said the project, with an expected gross development value of RM5bil, would be the group’s biggest township so far and its fifth in Johor since 2000.
“The reasonable entry cost of RM7.30 per sq ft for the new land, coupled with the deferred payment term of 48 months, tie in very well with Mah Sing’s strategy. Over a period of seven years, we will create a very nice, master-planned township, which will change the landscape of the locality for the better.
“Besides tapping the spillover demand from our existing township of Sierra Perdana, there is a ready catchment of 100,000 people in Pasir Gudang alone,” he said in a statement.
The land is situated 5km from the Pasir Gudang town centre, 9km from Masai town, 28km from the Customs, Immigration and Quarantine complex via the Eastern Dispersal Link and Coastal highway, 40km from Johor Baru city centre and 50km from the Senai International Airport.
It is located between Pasir Gudang and and Tanjung Langsat, two of the largest industrial basins in Johor, which are key components in the Flagship D: Eastern Gate of Iskandar Malaysia.
“It is only 80km from Penggerang which, together with Tanjung Langsat and Tanjung Bin, is the focal point of Iskandar Malaysia’s much touted oil and gas hub in Asia-Pacific. This will provide a latent demand for housing.
“The Johor Public Works Ministry has also conducted a feasibility study for a third bridge linking Johor Baru and Singapore, with Pengerang identified as the potential site for the bridge in Johor,” Leong said.
He added that besides residential and commercial components, Mah Sing would explore retail, recreational and industrial elements for the township after a more thorough market survey and consumer needs analysis.
“We will integrate security features, soft and hard landscaping, clubhouse and various facilities and amenities in the township,” he said.
He added that Mah Sing’s expertise in township planning in the Klang Valley would come in handy.
“We are confident that we can replicate the success of our previous townships with this new land,” Leong said.