Mah Sing Group Berhad announced that the group has entered into a Shares Sale Agreement with Hazreeq Putra bin Hasman and Maslinda Binti Othman to acquire the entire interest in Cordova Land Sdn Bhd which has an offer to buy 11.23-acre of 99-year leasehold (mixed development) land located in Batu 2½ Jalan Cheras from DBKL for a total consideration of RM263.5 mil. This is at a 21% discount to the land market valuation of RM333.2 mil by Rahim and Co. Cordova Land Sdn Bhd purchased the land from DBKL for RM82.1 mil.
The site currently houses the aged Stadium Badminton Kuala Lumpur (built in 1990), a surau and Kompleks Belia Bandaraya. Under the deal, Mah Sing will reconstruct the Stadium Badminton, Kompleks Belia Bandaraya and surau, which work out to be around RM25 mil.
MahSing plans to build affordable serviced residence development on the site. Dubbed as M Vertica @ Cheras, the development will have a GDV of RM2.2 bil and target to soft launch by 3Q2017. The development will take 4-5 years. It will be a service residence with sizes of 850-1000 sf priced from RM450k per unit (average selling price RM529psf). The site is located just between 600-800 meters from the Maluri MRT & LRT station and the Taman Pertama MRT station while being 5.6km from KL City Centre with plenty of major highway accesses, facilities and amenities.
Lot no: Lot 58601, Batu 2½ Jalan Cheras, Mukim Kuala Lumpur, WilayahPersekutuan Kuala Lumpur
Land area: 11.233 acres
Tenure: Leasehold 99-year
Category of Land Use: Building
RM82,127,356 (RM167 psf) in June 2017 between DBKL and Cordova Land Sdn Bhd
RM263,477,256 (RM538 psf) in July 2017 between Hazreeq Putra Bin Hasman and Maslinda Binti Othman (shareholders of Cordova Land Sdn Bhd) and Mah Sing Bhd
Date of transaction: 3 July 2017
Vendor: Hazreeq Putra Bin Hasman and Maslinda Binti Othman (shareholders of Cordova Land Sdn Bhd)
Purchaser: Nature Legend Development Sdn Bhd (subsidiary of Mah Sing Group Bhd)
1. Land valued by Rahim & Co on 30 June 2017 for RM333,180,000 (RM680 psf)
2. Breakdown of purchase consideration of RM263 mil:
i) Shares sale of Cordova Land Sdn Bhd – RM156.3 mil
ii) Land from DBKL – RM82.1 mil
iii) Reconstruction and upgrading of the Stadium Badminton KL which is located on the land – RM25 mil
images source: Mah Sing