Reported in The Star (30th Jan 2013)
Mah Sing eyes RM5bil GDV in Iskandar
KUALA LUMPUR: Mah Sing Group Bhd's vision is to become one of the largest lifestyle developers in the Iskandar Development Region (IDR) with a minimum gross development value (GDV) of at least RM5bil over the next few years.
It is targeting mainly foreigner s a nd will be opening a sales gallery in Singapore after the Chinese New Year celebration.
“We want to be one of the big players in Johor. We have done our homework and want to target homes for students and families around Educity. We see the Iskandar region thriving and a great beneficiary because of its proximity to Singapore,” Mah Sing group managing director Tan Sri Leong Hoy Kum told StarBiz.
The educational institutions in Educity include University of Reading from the United Kingdom, the Newcastle University Medicine Malaysia, the University of Southampton Malaysia campus, the Netherlands Maritime Institute of Technology, Raffles University Iskandar and Marlborough College Malaysia.
“We have received many queries from Singaporeans, South Koreans, Japanese and Indonesians about our properties.
“We will be organising buses to bring over interested buyers to view our sales gallery in the Iskandar region. We want to do this in a big way,” said Leong
Singapore had imposed more measures to curb speculation on residential and industrial properties after home prices climbed to a record high.
Some analysts said that the curbs would fuel demand for Johor properties.
Some of the measures introduced included the sta mp duty for buyers, which has been increased by between five and seven percentage points.
Permanent residents will have to pay the additional tax when they buy their first home, while Singaporeans will have to pay the levy from their second purchase onwards.
At present, Mah Sing has a GDV of RM2.29bil. It has s ome 433 acres in five projects in Johor.
The first is Meridin@Medini, which is an RM1.1bil inte grated project in the middle of the Medini special zone in Iskandar Malaysia, and 20 minutes from Singapore via the Second Link.
The first phase of the project will offer residences ranging from 500 sq ft to 1,500 sq ft indicatively priced from RM288,000per unit.
The entire development project will be undertaken in three phases over the next five years.
“This will attract Malaysians working in Singapore, Singaporeans and also those with children studying in EduCity. It becomes even more attractive because of the special incentives and tax breaks for foreigners who invest in Medini,” said Leong.
Meridin will comprise of residences, small office versatile offices, retail and corporate towers.
The project will be launched in the second half of next year although registration has commenced.
Meanwhile, the other project is Mah Sing's i-Parc, which is currently the only sizeable freehold industrial project neighbouring the Port of Tanjung Pelepas.
“It is designed to support the significant number of Singaporean companies on the hunt for costeffective operation hubs.
“Compared with Jurong in Singapore, Mah Sing i-Parc is freehold and has a freezone status, making it a premier industrial location,” said Leong.
Mah Sing is offering detached factories with built-up areas of 10,000 sq ft from RM2.6mil to RM4.3mil, and semi-detached factories with built-up areas of 5,075 sq ft from RM1.6mil and 6,475 sq ft from RM1.8mil.