Mah Sing second acquisition

March 1, 2010 |

(The Edge, Monday, 1 March 2010 – City & Country – Page, 2 )

Mah Sing’s second acquisition Mah Sing Bhd is acquring a 6.32-acre commercial tract next to its 115.25-acre Garden Residence in Cyberjaya for RM21.7 million, or RM79 psf. This expands Garden Residence’s land size to 122 acres with the project’s total gross development value (GDV) reaching almost RM1 billion.

The sale and purchase agreement was signed on Feb 22 between Mah Sing’s wholly owned Myvilla Development Sdn Bhd, Cyberview Sdn Bhd (proprietor) and Setia Haruman Sdn Bhd (vendor). This is Mah Sing’s second acquisition this year.

In early February, it proposed to acquire a 19.18-acre tract for RM45.5 million in Hicom Industrial Estate for its iParc2Shah Alam industrial development which has a GDV of RM143 million.

Meanwhile, the group recorded a 1.2% growth y-o-y in profit after tax after minority interest (PATMI) to RM94,3 million for FY2009 ended Dec 31, on the back of revenue of RM7O1.6 million. Its revenue for 4Q2009 went up by 64% to RM249 million from RM152 million in4Q2008.

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