Mah Sing’s Rm1 billion development in Taman Desa
Land acquisition is a RM108 million investment
Article in theedgemalaysia.com Mah Sing Group Bhd (KL:MAHSING) is acquiring land in Taman Desa, Kuala Lumpur for RM108 million which will be developed into serviced apartments and affordable housing units.
The planned development is estimated to have a gross development value of RM1.01 billion.
Mah Sing plans to develop the land in two phases, the first being 1,600 serviced apartments spread over 3.7 acres dubbed as M Aspira and the second phase, Residensi Madani, under the affordable housing programme, will offer around 800 units on a 2.47-acre plot.
M Aspira, which will have three different layouts, is targeted to open for registration in 3Q2024 and is indicatively priced at RM448,800. Please do read the full article here: Article in theedgemalaysia.com
Taman Desa is considered a prime location
It’s within Kuala Lumpur. Thus, if someone is working in Kuala Lumpur, then this development will be very near to anywhere within the Kuala Lumpur city centre.
Taman Desa Residents are not happy as this is “over development”
Article in themalaysianreserve.com “We were not at all aware of this proposed development until we read reports in the newspaper. Taman Desa is already overdeveloped. We face multiple issues, including traffic congestion and environmental degradation,” Taman Desa Residents Association (TDRA) chairman Wong Chan Choy told a press conference in Kuala Lumpur yesterday. Article in themalaysianreserve.com
Politician is also unhappy too…
Regulations, transparency and of course, the last resort; courts
When it comes to land transactions, I think it’s clear that when there is a willing seller and a willing buyer, then the transaction will happen. In this case, the DBKL will be getting RM108 million when they sell this land. I am not too sure what could they do with the piece of land if they hold on to it.
Meanwhile, I think it’s important to also ask whether the price for the piece of land is considered market price. As long as this is also fully transparent and based on market valuation, then this transaction is also a legal one and no other property developer could claim that they were also looking at that piece of land and they were wiling to offer a higher price etc.
Perhaps when it comes to the dispute between the residents of Taman Desa and also the ‘over-development’ claim, this may have to go to the court of law. This has happened numerous times and the decision may take some time.
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