Mah Sing’s RM508 Million GDV M Azura In Setapak Unconditional
Kuala Lumpur – The sales and purchase agreement for Mah Sing Group Berhad’s (Mah Sing) third development in Setapak, M Azura has become unconditional, following the fulfilment of conditions precedent.
M Azura has an estimated Gross Development Value (GDV) of RM508 million and is planned as a 4-acre residential development. The land was acquired on 8 December 2023 for a total land cost of RM74.3 million, with the benefit of a converted title for “Bangunan” which will expedite the development process.
Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “M Azura is our third project in Setapak after the success of M Astra and M Adora which are both fully sold. In fact, M Astra was fully sold within a year, reflecting buyers’ appetite and trust in the Mah Sing brand. Capitalizing on the spill-over demand from both our previous developments, we believe that M Azura will be warmly welcomed by first-time homebuyers and those looking to upgrade in the neighbouring areas.”
Besides the M Series DNA of being strategically located in established neighbourhoods, attractive price points with practical and quality layouts, and excellent connectivity and accessibility, Mah Sing intends to apply for GreenRe certification for M Azura.
With 5 land deals in 2023 and 2 land acquisitions in 2024 thus far, the Group will continue to scout for more strategically located lands in Kuala Lumpur, Klang Valley, Johor and Penang.
[2023 land deals: M Terra and M Hana in Puchong in January, M Tiara in Johor Bahru in June, M Legasi in Semenyih in June, M Zenya in Kepong in July, M Azura in Setapak in December]
[2024 land deals: Mah Sing Business Park in Sepang on 31 January 2024, M Tiara 2 in Johor Bahru on 5 April 2024]
M Azura to address demand for affordable homes in strategic locations
Located near LRT Sri Rampai and LRT Wangsa Maju, M Azura is the Group’s third development in Setapak after M Astra and M Adora, both of which are fully sold-out. M Azura is expected to benefit from the spillover demand from these projects.
M Azura is situated within the vicinity of matured neighbourhoods such as Wangsa Maju, Setapak Jaya, Kementah, Setiawangsa, Danau Kota and Titiwangsa. The living environment is also very conducive as it is surrounded by ready amenities such as primary and secondary schools, educational institutions, public transport, shopping malls, and hospitals.
This development can be highly accessible via major highways and trunk roads. Located within 5km away from KLCC, M Azura has excellent connectivity via Jalan Genting Kelang (2.7km), Middle Ring Road 2 (MRR2) (4.6km), Duke Expressway (DUKE) (4.6km) and Jalan Tun Razak (5km). The project is also only 3.9km away from Sri Rampai LRT station and 4.0km from Wangsa Maju LRT station.
The acquisition of M Azura in Setapak, Kuala Lumpur aligns well with the Group’s strategy of focusing on affordable high rises in the central business district (CBD) areas and affordable landed homes in the outskirts/suburban areas as the demand for property remains resilient due to Malaysia’s young demographic, continued urbanisation and population growth.
The new development will continue to address the demand for affordable homes in sought after locations in the Klang Valley, similar to other projects of the Group such as M Vertica in Cheras, M Arisa in Sentul, M Luna in Kepong, M Oscar in Sri Petaling, M Adora in Wangsa Melawati which recorded high take-up rates mainly due to their strategic locations within well-connected mature neighbourhood and proximity to the city centre. The matured location of Setapak close to the heart of Kuala Lumpur hosts a large catchment of the city’s professional population, as well as residential and commercial developments, makes it an ideal location for younger generations.
