KUALA LUMPUR: Mah Sing Group Bhd has acquired 2.42 hectares of freehold land at Taman Pelangi, Johor Bahru, for RM156.8 million.
The sale and purchase agreements (SPAs) were signed with Pelangi Sdn Bhd, a subsidiary of S P Setia Bhd.
The land is located just 3 km from the upcoming Johor-Singapore Rapid Transit System (RTS) Link's Bukit Chagar Station.
The new land will be named M Grand Minori and is planned for the development of premium serviced apartments and some retail units with an estimated gross development value (GDV) of approximately RM1.5 billion.
This marks the group's sixth acquisition this year, bringing the total GDV of all six lands to RM5.8 billion.
M Grand Minori is the group's latest project in Mukim Plentong, further strengthening its presence in the area.
Subject to authorities' approval, preliminary plans for M Grand Minori include premium serviced apartments, offering four layout options, as well as some retail units.
The selling price for the serviced apartments starts from RM328,000.
Mah Sing founder and group managing director Tan Seri Leong Hoy Kum said the group decided to acquire more land in Johor because of the strong demand for properties, fuelled by spillover interest from Singapore due to its proximity and relatively affordable property prices.
"Additionally, ongoing infrastructure projects, such as the RTS Link, and the government's commitment to enhancing Johor's economy create a promising environment for growth.
"With our strong brand recognition in the region, we are confident that this is the right time to further expand our presence, as improved connectivity and a booming property market provide excellent development opportunities," he said.
He added that Johor Bahru has been a key market for Mah Sing since it launched its first township here in 2000.
"Our commitment to Johor remains strong, and we are continuously seeking new opportunities to expand our land bank for townships, industrial projects, and M Series developments," added Leong.
Johor is Mah Sing's second largest development region after Klang Valley.
To date, the group has sold approximately 17,000 units of residential, commercial, and industrial developments in Johor alone.
Mah Sing said the upcoming infrastructure projects in Johor, such as the Johor-Singapore RTS link and the potential revival of the KL-Singapore high-speed rail project, will greatly improve connectivity and accessibility in the region.
This will drive the demand for properties in Johor. The Johor-Singapore RTS link will offer residents a seamless connection between Bukit Chagar and Woodlands North, with a quick five-minute train journey, providing convenient access to Singapore.
Additionally, the Johor-Singapore Special Economic Zone (JS-SEZ) is expected to attract more multinational firms to Johor as part of their risk management strategy due to the US-China trade tensions, and Johor's proximity to Singapore positions it as a strategic location for businesses and industries, which will stimulate economic activities between both countries.
Besides, the transport network is another advantage of Johor. It has three major ports, namely Port Pasir Gudang, Port Tanjung Pelepas, and Port Tanjung Langsat.