Mah Sing kicks off 2010 with 19-acre land acquisition

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Mah Sing kicks off 2010 with 19-acre land acquisition

By Lam Jian Wyn of theedgeproperty.com
Monday, 08 February 2010 15:12

KUALA LUMPUR: Diversified plastic and property corporation Mah Sing Group Bhd has embarked on a land acquisition trail in early 2010, beginning with 19.18 acres of prime freehold industrial land in Shah Alam, Selangor.

Via unit Multi Synergy Group Sdn Bhd, the group on Feb 8 entered into a sale and purchase agreement (SPA) with Quill Industrial Properties Sdn Bhd to acquire the tract of land in Hicom Industrial Estate for a cash consideration of RM45.5 million, or approximately RM54.45 psf.

According to the terms of the agreement, RM4.55 million (10% of the total consideration) will be paid up front, while the remaining RM40.95 million is payable five months after the SPA date, with a default extension of one month.

Mah Sing plans to develop iParc 2@Shah Alam on the land parcel, touted to have an estimated gross development value (GDV) of RM143 million, following the success of its iParc@Bukit Jelutong, also in Shah Alam, which saw 40 of its 42 units snapped up since its launch last month.

With the addition of iParc@Shah Alam, the group forecasts remaining GDV and unbilled sales of around RM5.8 billion located in prime locales around the Klang Valley, Penang and Johor Bahru. The group boasts a healthy cash flow of RM400 million with zero net gearing as at Dec 31, 2009, which will allow it to raise funds of about RM1 billion for good land, should it decide to gear up to 0.5 times.

According to various reports, the group had spent RM323 million last year acquiring 184 acres of land.

iParc 2@Shah Alam will be developed along the lines of its predecessor, offering semi-detached factories. “iParc 2@Shah Alam is envisioned to be a low-density industrial park hosting hi-tech industries as well as logistics warehousing and service facilities. The main target market would be local companies looking to integrate their corporate headquarters with operations and warehousing facilities as well as multinational corporations from various industries,” said group managing director cum group chief executive (CEO) Tan Sri Datuk Sri Leong Hoy Kum,

The preliminary blueprints reveal that the development will contain 3-storey semi-detached factories with layout flexibility options from RM2.5 million onwards, with the smallest units having a built-up area of around 5,400 sq ft.

“This land is in a mature neighbourhood with excellent connectivity, and we shall be able to tap on the strong demand for good industrial property in this location,” Leong said, adding that the acquisition was “timely and strategic” as the group seeks to cater to the pent-up demand for industrial projects given the response to the first iParc project.

“In a sense, we’ve also created fresh demand as the sales boom is product driven. iParc@Bukit Jelutong boasts cutting edge cubic designs and buyers see its commercial value as well. The units enjoy flexible designs to suit the needs of the end user, hence the layout design can be configured to specific needs. Effectively, these can be customised factories at a fraction of the cost of commissioning a purpose-built factory,” he added.

Aside from its high accessibility to the Kesas highway via Persiaran Kuala Selangor and Persiaran Hulu Selangor, the group also said the project is close to sources of skilled and unskilled labour from adjoining townships such as Subang Jaya, Kota Kemuning, Klang, Sunway and Shah Alam.