Mah Sing Group buys land near RRIM (Sungai Buloh)
It plan to develop a MYR800m mixed development project. Mah Sing is planning a mixed development project called D’sara Sentral for the site, to be launched by 4Q13. It will comprise serviced apartments (65% of GFA), retail space (15%) and SoVo (20%; from MYR650psf onwards). Total GDV of MYR800m or an ASP of MYR876psf (assuming an efficiency ratio of 80%) is attainable, in our view, as Dijaya’s Tropicana Gardens (MRTlinked property project) phase 2 is already selling at MYR1,000psf (net).
Source: Maybank Research, Mah Sing